- The crypto market cap surged by $1 trillion in November, led by Bitcoin and Ethereum’s gains.
- November saw $85.5M in crypto crime losses, highlighting ongoing security vulnerabilities.
The U.S. presidential election has undeniably sent ripples through the cryptocurrency market, driving a wave of optimism among investors.
Following Donald Trump’s victory as the 47th President of the United States, the crypto market has witnessed an extraordinary resurgence.
November alone saw the market’s total capitalization surge by over $1 trillion, soaring from $2.2 trillion at the month’s start to a staggering $3.2 trillion by its close, as per CoinMarketCap.
Seeing this, various analysts are drawing parallels to previous bullish cycles, highlighting this as one of the most significant recoveries in recent years.
This growth mirrors the market’s peak in 2021, driven by speculative investments and stimulus-fueled optimism.
Remarking on the same, OKX a crypto exchange platform took to X (formerly Twitter) and noted,
“ICYMI: Total market cap for crypto increased by over $1 Trillion in November.”
The firm further added an intriguing question and remarked,
“What will December bring?”
What fueled the crypto market cap?
The recent surge has not been confined to Bitcoin’s [BTC] approach toward the $100,000 milestone but has extended across the broader cryptocurrency landscape.
For instance, institutional interest has notably risen, with increased participation from hedge funds, asset management firms, and corporations driving market activity.
Stablecoins like Tether [USDT] and USD Coin [USDC] continued to play a pivotal role in providing liquidity and stabilizing the volatile market.
Meanwhile, altcoins such as Solana [SOL], Cardano [ADA], and Dogecoin [DOGE] experienced varying degrees of growth, collectively fueling the market’s expansion.
Notably, Ripple’s [XRP] emerged as a standout performer, surging nearly 300% in November to reach a market capitalization of $110 billion.
This rapid ascent propelled XRP past Binance Coin [BNB], solidifying its position as the fifth-largest cryptocurrency.
Bitcoin takes the lead, as always
BTC and Ethereum [ETH], the two leading cryptocurrencies by market capitalization, played a pivotal role in November’s remarkable market growth.
Bitcoin, often seen as a safe haven asset, recorded notable gains in both price and trading volume, reinforcing its dominance.
Whereas, ETH, buoyed by network advancements and growing interest in decentralized applications, also experienced significant upward momentum.
Together, these digital giants accounted for a substantial portion of the $1 trillion market cap surge, with BTC alone maintaining over 50% dominance throughout the month.
However, November wasn’t without its challenges.
Web3 security firm Peckshield reported that crypto-related crimes in November resulted in losses of $85.5 million, pushing the total yearly losses to a staggering $2.43 billion.
Despite over 30 reported hacks during the month, November’s losses marked a decline from October’s $102.42 million.
