If the crypto market were a country, it would rank as the eighth-largest economy globally in terms of GDP, trailing only the United States, China, Germany, Japan, India, the United Kingdom, and France.
Crypto market capitalization recently hit a record high of $3.12 trillion, nearing France’s GDP. On November 11, total crypto market value surged by 7% in 24 hours, driven primarily by a Bitcoin rally to $89,500.
Bitcoin’s market cap alone has now surpassed $1.77 trillion, placing it above Spain’s GDP, according to the IMF.
The last time the crypto market cap exceeded $3 trillion was in November 2021, following Bitcoin’s peak of $69,000 during the 2020-2021 bull market, as reported by CoinGecko, which tracks over 15,000 coins across 1,149 exchanges.
Currently, the crypto market cap is larger than that of Microsoft and is approaching the valuations of Nvidia and Apple, according to Google Finance. Bitcoin’s market cap also rose above that of silver on November 11.
Markus Thielen, founder of 10x Research, shared with Cointelegraph that he expects Bitcoin’s dominance to stay robust as the crypto market cap nears $4 trillion. Thielen projects that Bitcoin will likely reach $100,000 by year-end, which would push its market cap close to $2 trillion.
However, not all analysts agree. Rachael Lucas from BTC Markets believes a rally toward $4 trillion would be driven by a surge in altcoins, potentially decreasing Bitcoin’s market share. Thielen also suggested that while some Solana-based tokens may outperform, certain high-performing assets from the last bull cycle may not.
Bitcoin is currently valued at $89,478, up 11% over the past 24 hours and approaching the $90,000 milestone.
