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Crypto Boom: Market Cap Reaches $3.12 Trillion, Rivaling Major Economies

The total crypto market cap reached an all-time high of $3.12 trillion, approaching France’s GDP, driven by a major rally in Bitcoin and strong investor interest.

Author

Steven Walgenbach
November 12, 2024

Breaking Crypto Stories

Here are the top stories today:

  • Crypto Market Cap Hits $3.1T High, Could Soon Surpass France’s GDP

  • BlackRock Bitcoin ETF Hits New Daily Volume Record as BTC Pierces $88,000

  • The Alarming Truth About 2024 NFTs - 98% Are Dead: Report

  • FTX Takes Legal Action Against Binance in $1.76 Billion Fraud Case

  • Bitget Wallet Launches $20M Fund for Telegram Mini Apps

Question of the Day

Are we in a crypto bull run, or is it just post-election euphoria driving prices?

The crypto market cap has reached an all-time high of $3.12 trillion, nearing the GDP of France, fueled by Bitcoin’s rally to $89,500 and strong market dominance.

  • The total crypto market cap surged to $3.12 trillion, positioning it as the eighth largest "economy" globally, just below France’s GDP.

  • Bitcoin’s recent rally pushed its market cap to over $1.77 trillion, making it larger than Spain's GDP and surpassing silver in market value.

  • Experts are divided, with some predicting a continued Bitcoin-led rally toward $4 trillion, while others foresee a surge in altcoins driving future growth.

BlackRock’s spot Bitcoin ETF set a new record with $4.5 billion in daily trading volume as Bitcoin surged past $88,000, fueled by renewed market optimism following Donald Trump's election victory.

  • BlackRock’s Bitcoin ETF saw a record $4.5 billion daily trading volume, highlighting a surge in investor interest as Bitcoin reached new price heights.

  • Bitcoin’s jump to $88,000 boosted the entire crypto market, with increased interest in crypto assets and companies like MicroStrategy seeing gains.

  • Last week, BlackRock’s ETF also set a new record for single-day inflows, with over $1.1 billion added, marking a period of strong market momentum for Bitcoin and crypto.

A new report reveals that 98% of NFTs launched in 2024 are now "dead," highlighting market oversaturation and declining investor interest as key factors.

  • The report indicates that 98% of 2024 NFTs lack trading activity or value, reflecting a significant downturn in the NFT market.

  • Oversaturation, lack of utility, and widespread scams have led to diminished interest and value in many NFT projects.

  • Despite the decline, NFTs still hold potential in areas like gaming, real estate, and digital identity, where their utility can drive sustainable adoption.

FTX has filed a $1.76 billion lawsuit against Binance, accusing the exchange of deceptive practices that allegedly led to significant financial losses for FTX.

  • FTX claims Binance misled it in a $1.76 billion share repurchase deal, despite FTX's sister company Alameda being insolvent at the time.

  • Binance denies the accusations, asserting that it will present evidence of transparency and integrity in court.

  • This legal battle could significantly influence crypto market dynamics, investor confidence, and regulatory developments across the industry.

Bitget Wallet, in partnership with Foresight Ventures, has launched a $20 million fund to support the development of Telegram Mini Apps, aiming to drive crypto adoption and innovation

  • The $20 million fund enables developers to create innovative Telegram Mini Apps, promoting crypto accessibility and functionality within Telegram’s extensive user base.

  • This initiative is designed to make cryptocurrency more accessible and user-friendly, encouraging mainstream adoption by integrating crypto functionalities into popular apps.

  • By supporting Telegram-based apps, Bitget Wallet aims to expand the cryptocurrency ecosystem, fostering a community of developers dedicated to innovative, real-world crypto solutions.

ICYMI:

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