The total capitalization of the cryptocurrency market has recently skyrocketed to a record peak of $3.12 trillion, a sum that is nearly equal to the gross domestic product (GDP) of France. On November 11, the total crypto market value surged by 7% in a 24-hour span, largely due to a spike in Bitcoin value, which climbed up to $89,500. If the crypto market were treated as a country, it would claim the title of the eighth-biggest GDP, trailing behind the likes of the United States, China, Germany, Japan, India, the UK, and France.
Bitcoin’s market cap alone now exceeds $1.77 trillion, which is greater than Spain’s GDP as reported by the International Monetary Fund. This apex in crypto market value echoes a previous surge to $3 trillion on November 15, 2021, just after Bitcoin achieved an all-time high of $69,000 during the 2020-2021 bull run, according to data from CoinGecko.
This soaring crypto market cap outstrips that of tech behemoth Microsoft, and it is rapidly closing the gap with Nvidia and Apple, which are currently the two most valuable companies worldwide. The November 11 Bitcoin price rally also pushed its market cap beyond that of silver.
Markus Thielen, founder of 10x Research, told Cointelegraph that he predicts Bitcoin’s dominance will “persist” as the crypto market cap moves toward the $4 trillion milestone. However, Rachael Lucas, a crypto analyst at BTC Markets, offered an alternative perspective, suggesting that a crypto market surge to $4 trillion would likely be propelled by an “enormous leap in altcoins,” resulting in a reduction of Bitcoin’s prominence.
At present, Bitcoin is priced at $89,478, experiencing an 11% surge within a 24-hour period and drawing close to the $90,000 threshold.