Bitcoin is trading within 2 percent of its all-time high, while Ethereum, Solana and Polkadot are pushing into previously uncharted price ranges. This has resulted in a 3.1 percent gain for the overall crypto market capitalization. And according to analytics website CoinGecko, the surge has pushed the overall crypto market capitalization to an all-time high of over $3 trillion for the first time at the time of writing.
It has been a dream run for the crypto market this year and the momentum has continued, with October proving to be one of the best months for Polkadot. The combined market cap has jumped 8.4 percent over the past seven days and 25.5 percent in the past 30 days.
On a Rally
According to CoinGecko estimates, the total crypto market cap hit a new high by breaking its previous record of $2.62 trillion on October 20. And following a further rally where it soared over 14.5 percent in less than three weeks to surpass $3 trillion for the first time on Monday.
The crypto market has surged a whopping 284 percent from $775 billion on January 1 to $3 trillion in the first 11 months. Predictions are that the rally will continue, with Bitcoin, Ethereum, Solana and Polkadot all jumping to their near or all-time highs during Monday morning's Asian trading session.
In fact, the surge now makes the overall crypto market larger than the world's largest company by market cap, which is Microsoft with $2.5 trillion.
Crypto Bull Run to Continue
The combined crypto market cap had previously topped out at a peak of nearly $2.62 trillion on May 12 this year, before bouncing off a local low of $1.24 trillion on July 20. The previous bull cycle saw the total digital asset capitalization post a high of $848.6 billion on January 6, 2018.
However, this year has so far been the best for the crypto market. As of Monday's Asian trading session, Bitcoin now boasts a market cap of $1.12 trillion and a market share of 41.3 percent. Its worth is now almost the same of Elon Musk's Tesla.
Ethereum, after hitting an all-time high on Monday, has a $560 billion market cap and is now larger than JPMorgan Chase, which is valued at $496 billion. The third-largest crypto asset by market cap is Binance Coin which has $107 billion at the time of writing.
According to Messari's Ethereum screener, which currently tracks 209 projects that have been built on the network, the Ethereum ecosystem currently has a market cap of $829 billion or 27.6 percent dominance.