- Cryptocurrency market capitalization surged 7.2% in early December.
- Altcoins have dominated the crypto market surge since November 2024.
- Analysts expect more altcoins to surge amid growing bullish momentum.
TradingView’s data reveals the cryptocurrency market capitalization surged 7.2% a few days into December to reach $3.49 trillion, marking a record for the all-important crypto metric. The recent December surge reflects the continuation of a massive rally that started after the crucial cryptocurrency metric bounced off significant support in August.
According to TradingView’s data, the cryptocurrency market cap bounced off $1.69 trillion after a 6-month decline and rallied 107% to reach a new all-time high. The crypto metric’s rally signifies a capital influx amid growing demand for digital assets.
It is worth noting that the crypto market gained $1.21 trillion in November alone, making it the most bullish month in the history of cryptocurrencies. Last November’s bull run started with a notable Bitcoin rally trailing Donald Trump’s victory in the recent U.S. presidential election. The price surge saw the pioneer cryptocurrency gain about 50% in November and achieve a new all-time high of $99,800.
Despite Bitcoin’s November achievements, altcoins dominated the crypto market during the same period. Bitcoin’s dominance dropped from 61.53% in early November, closing the month at 57.24%. The metric has continued in the same direction, holding a value of 55.85% as of the time of writing.
In the meantime, crypto market analysts are juxtaposing the skyrocketing overall market cap against the declining Bitcoin dominance to rate the growing altcoins’ influence in the current bull cycle. Considering Bitcoin’s early surge and the overriding altcoins rally, crypto traders are observing the signs of more rallies.
Read also: Crypto Market Cap: Bullish Prediction Sees $12 Trillion by 2026
TradingView data reveals that most altcoins are at the beginning of breakout patterns, with the potential to revisit or surpass previous all-time highs. This surge is supported by increasing optimism for pro-crypto regulatory changes. Analysts believe these factors will continue fueling altcoin growth, creating strong tailwinds for the market in the months ahead.
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