The cryptocurrency market has reached a record-high valuation of $3.12 trillion, putting it on the verge of surpassing the gross domestic product (GDP) of France. This milestone places the crypto market among the world’s largest economic entities, ranking it eighth behind global powers like the United States, China, and Germany.
On November 11, the total cryptocurrency market cap surged by 7% within 24 hours, largely due to a sharp increase in Bitcoin’s value, which soared to $89,500. If the crypto market were considered a country, its GDP ranking would surpass nations such as Spain, according to data from the International Monetary Fund.
Change in the crypto market cap over the last month. Source: CoinGecko
Bitcoin alone now boasts a market cap exceeding $1.77 trillion, making it more valuable than companies like Microsoftand approaching the worth of giants Nvidia and Apple, as per Google Finance. The recent rally in Bitcoin’s price has even pushed its market cap above that of silver once again.
The 5th to 12th largest assets by market cap. Source: Companies Market Cap
Markus Thielen, founder of 10x Research, told Cointelegraph that he expects Bitcoin’s dominance to remain robust, potentially driving the crypto market cap toward $4 trillion. Thielen also foresees Bitcoin reaching $100,000 by the end of the year, which would bring its market cap close to $2 trillion.
However, some experts, such as Rachael Lucas from BTC Markets, suggest that a future market rally may be driven by altcoins, potentially reducing Bitcoin’s dominance. Thielen also predicts that certain Solana-based tokens may outperform the market, while some top assets from the 2020-2021 bull cycle could underperform in the coming growth phase.
As of today, Bitcoin trades at approximately $89,478, an 11% increase over the past 24 hours, nearing the $90,000 threshold.
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