- The crypto market cap jumped $1 trillion in November, driven by gains in Bitcoin and Ethereum.
- November saw $85.5 million in crypto crime-related losses, highlighting continued security vulnerabilities.
The US presidential election has undoubtedly had an impact on the cryptocurrency market, sparking a wave of optimism among investors.
Following Donald Trump’s victory as the 47th President of the United States, the crypto market has seen an extraordinary resurgence.
November alone saw the total market capitalization increase by more than $1 trillion, from $2.2 trillion at the start of the month to $3.2 trillion at the close, according to CoinMarketCap.
Seeing this, various analysts are drawing parallels with previous bull cycles, pointing out that this is one of the most significant rallies in recent years.
This growth reflects the market’s peak in 2021, driven by speculative investments and optimism fueled by stimulus measures.
Making the same point, OKX, a cryptocurrency exchange platform, took to X (formerly Twitter) and noted:
“ICYMI: Total crypto market cap increased by over $1 trillion in November.”
The company further added an intriguing question and remarked:
“What will December bring?” »
What fueled the market capitalization of cryptocurrencies?
The recent rise has not been limited to Bitcoin’s (BTC) approach towards the $100,000 mark, but has extended across the broader cryptocurrency landscape.
For example, institutional interest has increased significantly, with increased participation from hedge funds, asset management firms and companies that drive market activity.
Stablecoins like Tether (USDT) and USD Coin (USDC) have continued to play a central role in providing liquidity and stabilizing the volatile market.
Meanwhile, altcoins such as Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) have seen varying degrees of growth, collectively fueling market expansion.
Notably, Ripple’s (XRP) emerged as a notable player, surging nearly 300% in November to reach a market capitalization of $110 billion.
This rapid rise propelled XRP ahead of Binance Coin (BNB), solidifying its position as the fifth-largest cryptocurrency.
Bitcoin takes the lead, as always
BTC and Ethereum (ETH), the two largest cryptocurrencies by market capitalization, played a central role in the remarkable market growth in November.
Bitcoin, often considered a safe haven, has seen notable gains in price and trading volume, solidifying its dominance.
While ETH, supported by network advancements and growing interest in decentralized applications, has also seen significant upward momentum.
Together, these digital giants accounted for a substantial portion of the $1 trillion market cap increase, with BTC alone maintaining over 50% dominance throughout the month.
However, November was not without its challenges.
Web3 security firm Peckshield reported that crypto-related crimes in November resulted in losses of $85.5 million, bringing total annual losses to $2.43 billion.
Despite more than 30 hacks reported during the month, November’s losses mark a decline from October’s $102.42 million.
