Cryptocurrency market capitalization has reached an all-time high of $3.12 trillion and is now close to surpassing France’s gross domestic product (GDP).
On November 11, the total cryptocurrency market cap surged 7% in 24 hours, hitting $89,500, largely due to Bitcoin’s sharp surge.
If the cryptocurrency market were a country, it would be the 8th largest market by GDP, behind the US, China, Germany, Japan, India, the UK, and France.
Meanwhile, according to the International Monetary Fund (IMF), the Bitcoin market capitalization alone currently exceeds $1.77 trillion, which is larger than Spain’s GDP.
According to CoinGecko, which tracks 15,129 coins across 1,149 cryptocurrencies, the last time the total cryptocurrency market cap was $3 trillion was in 2021, shortly after Bitcoin reached its previous high of $69,000 during the 2020-2021 bull market. It was the 15th of February. exchange.
Changes in cryptocurrency market capitalization last month. Source: CoinGecko
The cryptocurrency’s market capitalization is now larger than that of tech giant Microsoft and is closing in on Nvidia and Apple as two of the world’s most valuable companies, according to Google Finance data.
Due to the rise in Bitcoin price, its market capitalization again surpassed the price of silver on November 11.
It is the 5th to 12th largest asset class by market capitalization. source: Company market capitalization
Markus Thielen, founder of 10x Research, told Cointelegraph that he expects Bitcoin dominance to “remain strong” as the cryptocurrency’s market cap moves toward $4 trillion.
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“We expect Bitcoin’s dominance to remain strong, with the current rally primarily centered around Bitcoin and extending to Ethereum and Solana.”
“We firmly expect Bitcoin to reach $100,000 before the end of the year.”
If Bitcoin were priced at $100,000, its market capitalization would be nearly $2 trillion.
Not everyone agrees with Thielen.
Rachael Lucas, a cryptocurrency analyst at BTC Markets, told Cointelegraph that the cryptocurrency market’s rise toward $4 trillion is likely to be driven by a “massive surge in altcoins,” leading to a decline in Bitcoin’s dominance.
Thielen also believes that several Solana-based tokens will outperform the market, and predicts that many tokens that performed well in the 2020-2021 bull cycle may underperform.
The current price of Bitcoin is $89,478, up 11% in 24 hours and very likely to surpass $90,000.
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