Crypto Market Capitalization Surpasses $3.14 Trillion for First Time

Bitcoin surged more than 10% over the past 24 hours, setting a new all-time high (ATH). Against this backdrop, the total cryptocurrency market cap increased by almost 8%. 

Bitcoin continues its growth, setting new records. Around 9:00 a.m. (GMT+2), BTC reached a new ATH at $89,864, according to CoinGecko. Bitcoin’s dominance level is about 60%, with its market cap exceeding $1.76 trillion. Given that, the overall crypto market capitalization also hit a record high, surpassing $3.14 trillion. 

Market participants are optimistic. Peter Brandt, Market Analyst, predicts Bitcoin’s growth to $125,000 by year-end, referring to previous patterns of its market fluctuations.

Another expert, Jesse Myers, Co-Founder of Onramp Bitcoin, doesn’t give exact figures but expresses similar thoughts, highlighting the April halving as a key factor behind BTC’s current surge. He notes that over the past six months, a supply shock accumulated, with limited BTC availability at current prices driving demand higher than supply and pushing up the asset’s quotations. 

However, even optimistic forecasts differ in detail. Ki Young Ju, CEO of CryptoQuant, predicts a correction due to the “overheated” Bitcoin futures market. He believes that by year-end, the price of BTC could fall below $60,000. Yet he expects the market to resume growth in 2025 after a period of correction and consolidation. 

Recently, Bitcoin set a new ATH several times due to changes in the political environment in the United States, positive macroeconomic factors, and optimistic market sentiment.