The crypto market capitalization has attained a new all-time high of $3.12 trillion, and it is now on the brink of surpassing France’s gross domestic product (GDP).
The abrupt surge in Bitcoin, which rallied to $89,500, was the primary factor contributing to a 7% increase in the total crypto market capitalization over 24 hours on November 11.
Crypto market capitalization rank 8th largest almost surpassing GDP
The crypto market would rank as the eighth largest in GDP if it were a country, following the United States, China, Germany, Japan, India, the United Kingdom, and France.
In the interim, the International Monetary Fund has reported that Bitcoin’s market capitalization exceeds $1.77 trillion, which is more significant than Spain’s GDP.
CoinGecko, which monitors 15,129 coins from 1,149 crypto exchanges, reports that the total crypto market cap was last at $3 trillion on November 15, 2021, shortly after Bitcoin reached its previous all-time high of $69,000 during the 2020-2021 bull market.
According to Google Finance data, the crypto market cap has surpassed tech behemoth Microsoft’s. It is on the brink of exceeding the market caps of the world’s two most valuable companies, Apple and Nvidia.
The Bitcoin price surge also resulted in its market capitalization surpassing silver on November 11.
Markus Thielen, the founder of 10x Research, stated in an interview that Bitcoin’s dominance is expected to “remain robust” as the crypto market valuation approaches $4 trillion.
“We expect Bitcoin’s dominance to persist, with the current rally primarily focused on Bitcoin and extending to Ethereum and Solana.”
“We firmly expect Bitcoin to reach $100,000 before year-end.”
The market capitalization of Bitcoin would reach nearly $2 trillion if it were priced at $100,000.
Thielen also anticipates that many high-performing tokens from the 2020-2021 bull cycle may underperform, and a few Solana-based tokens will outperform the market.
Currently, Bitcoin is valued at $89,478, an 11% increase in the past 24 hours, and is on the brink of surpassing the $90,000 figure.
