The cryptocurrency market capitalization has reached a new record high of $3.12 trillion and is now on the verge of surpassing France’s gross domestic product (GDP).
On November 11, the total market capitalization of cryptocurrencies surged by 7% within 24 hours, mainly due to a sudden increase in the price of Bitcoin, which rose to $89,500.
If the cryptocurrency market were considered a country, it would be the eighth largest in terms of GDP, following the United States, China, Germany, Japan, India, the United Kingdom, and France.
In the meantime, Bitcoin’s market capitalization alone has exceeded $1.77 trillion, which is larger than Spain’s GDP, as reported by the International Monetary Fund.
According to CoinGecko, which tracks 15,129 coins from 1,149 cryptocurrency exchanges, the last time the total cryptocurrency market cap reached $3 trillion was on November 15, 2021, shortly after Bitcoin reached its previous all-time high of $69,000 during the 2020-2021 bull market.
Based on data from Google Finance, the cryptocurrency market cap is now larger than that of tech giant Microsoft and is closing in on Nvidia and Apple, the world’s two most valuable companies.
Additionally, the recent rally in Bitcoin’s price has once again pushed its market cap above that of silver on November 11.
Markus Thielen, the founder of 10x Research, expressed his belief that Bitcoin’s dominance will continue to be strong as the cryptocurrency market cap approaches $4 trillion.
“We expect Bitcoin’s dominance to remain strong, with the current rally primarily focused on Bitcoin and extending to Ethereum and Solana. We firmly believe that Bitcoin will reach $100,000 before the end of the year.”
If Bitcoin were to reach a price of $100,000, its market cap would be close to $2 trillion.
Thielen also predicts that a few tokens based on Solana may outperform the market, while many high-performing tokens from the 2020-2021 bull cycle may underperform.
Currently, Bitcoin is priced at $89,478, marking an 11% increase within 24 hours and approaching the $90,000 milestone.