According to analytics and data aggregator CoinGecko, the total market value of cryptocurrencies reached a peak of about $3.2 trillion early on November 14 in Asia.
That places it above the peak years of 2021, when stimulus from the epidemic spurred speculative investments. It also represents a remarkable comeback from a few months ago, when cryptocurrency turnover and values had been stagnating and the outlook was gloomy.
The market is dominated by Bitcoin, and the token's ascent to a record $93,480 coincided with the market value milestone.
According to Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, "the way this market goes generally is that bitcoin will break out and then the rest of the altcoins will follow."
"So there is that gradual rotation of capital...and then we can expect the total market cap to increase."
The enthusiasm has been fueled by Trump's victory to Congress and the election of a number of pro-crypto lawmakers, who appear to have removed some of the ambiguity surrounding U.S. rules.
Since the U.S. election on November 5, Bitcoin has increased 30% to $90,000 and twice this year. Since the vote, the smaller cryptocurrency ether has increased by around 33% to $3,220.
Elon Musk, a billionaire Trump admirer, has pushed Dogecoin, an alternate and erratic token, which has increased 140%.