The cryptocurrency market has achieved a remarkable milestone, hitting an unprecedented market capitalization of $3.12 trillion. This new valuation positions the crypto market just shy of surpassing France’s gross domestic product (GDP). On November 11, the market capitalization surged by 7% within a single day, driven primarily by a significant increase in Bitcoin ’s price, which soared to $89,500.
If the cryptocurrency market were a sovereign nation, it would rank as the eighth largest globally in terms of GDP, following the United States, China, Germany, Japan, India, the United Kingdom, and France. Additionally, Bitcoin ’s own market capitalization has eclipsed $1.77 trillion, making it larger than the GDP of Spain, as reported by the International Monetary Fund.
The last recorded total market capitalization of $3 trillion occurred on November 15, 2021, shortly after Bitcoin achieved its previous all-time high of $69,000 during the 2020 – 2021 bull run. According to data that tracks a multitude of cryptocurrencies, the current market capitalization surpasses that of Microsoft and is nearing the valuations of Nvidia and apple .
The recent uptick in Bitcoin ’s price has also allowed it to reclaim a market cap larger than that of silver . Analysts predict that Bitcoin ’s dominance in the market is likely to remain robust as the overall capitalization approaches $4 trillion. Expectations indicate that Bitcoin could potentially reach a price point of $100,000 by the end of the year, which would elevate its market capitalization to nearly $2 trillion.
As Bitcoin ’s value hovers around $89,478 — a rise of 11% in just 24 hours — the market remains attentive to possible movements above the $90,000 level, showcasing the growing optimism within the crypto space.
