Total value of crypto market now reaches $3 trillion

Bitcoin continues to move toward $100,000, significantly lifting the total value of all cryptocurrencies.

The crypto market has been in an extraordinary state for days. Now the total value of all cryptocurrencies has surpassed the $3 trillion mark for the first time, according to data from CoinMarketCap. In the past 24 hours alone, total market capitalization rose more than 5 percent and stands at $3.06 trillion at the time of writing.

This development is mainly driven by Bitcoin. The most valuable crypto currency reached a new record high a few minutes ago and is getting closer and closer to the $100,000 mark. Whether it is still interesting to get into Bitcoin, read here: Bitcoin: is it still worth getting into?

Memecoins also contributed significantly to reaching this milestone for the crypto market. Pepe, dogwifhat, Bonk: all rose between 30 and 50 percent on a daily basis. But memecoin Peanut the Squirrel (PNUT) stands out in particular. This coin rose nearly 280 percent in a single day.

The reason for this rally can be summed up in two words: Donald Trump. The election victory of the incoming U.S. president caused the prices to explode overnight, so to speak. In the past seven days, the entire crypto market has risen 27 percent.

Trump is known to be particularly crypto-friendly. The industry hopes he will make the United States the leading center for Bitcoin and other crypto currencies. He has made big promises to the sector.