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The crypto currency market capitalization grew 7.2% in the first two weeks of December.
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Altcoins dominate the crypto market surge, which began in November 2024.
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Analysts are expecting more altcoins will surge amid growing bullishness.
TradingView data shows that the cryptocurrency market cap soared 7.2% in the first few days of December, reaching $3.49 trillion. This is a new record for this crucial cryptometric. The recent December surge is a continuation of the massive rally that began after the crucial cryptocurrency metric bounced from significant support in August.
TradingView data shows that the cryptocurrency market cap has risen 107% after a 6-month decline. The crypto metric’s rise is a sign of capital influx in the face of growing demand for digital currencies.
It is important to note that the crypto market has gained $1.21 trillion alone in November, making it the bulliest month in the history cryptocurrencies. The bull run in November last year began with a notable Bitcoin rally following Donald Trump’s recent victory in the U.S. Presidential election. The price surge saw Bitcoin gain around 50% in November, and reach a new record high of $98,800.
Altcoins dominated during the same time period despite Bitcoin’s November successes. Bitcoin’s dominance fell from 61.53% at the beginning of November to 57.24% by the end of the month. The metric continues to move in the same direction. It currently stands at 55.85%.
Crypto market analysts compare the soaring overall market cap with the declining Bitcoin dominance in order to gauge the growing influence of altcoins in the current bull-cycle. Crypto traders are watching for signs of further rallies, considering Bitcoin’s early surge as well as the altcoins rally.
Read about the Crypto Market Cap: A Bullish Prediction of $12 Trillion by 2026
TradingView data shows that most altcoins have just begun breakout patterns and could potentially surpass or revisit previous all-time records. This surge is backed by an increasing optimism about pro-crypto regulations. Analysts believe that these factors will continue to fuel altcoin growth and create strong tailwinds in the months ahead.
