Originally published on: November 12, 2024
The crypto market has reached an unprecedented milestone with a staggering market capitalization of $3.12 trillion, inching closer to surpassing France’s gross domestic product (GDP).
In a remarkable surge on November 11, the total crypto market cap soared by 7% in just 24 hours, driven largely by the rising value of Bitcoin which hit $89,500.
If the crypto market were considered a country, it would rank as the eighth-largest economy in the world, trailing only behind economic powerhouses like the United States, China, Germany, Japan, India, the United Kingdom, and France.
Notably, Bitcoin alone commands a market cap exceeding $1.77 trillion, surpassing the GDP of countries like Spain, as reported by the International Monetary Fund.
The last time the crypto market cap hit $3 trillion was back in November 15, 2021, coinciding with Bitcoin’s previous all-time high of $69,000 during the 2020-2021 bull market, according to data from CoinGecko.
Now, as the crypto market cap surpasses that of tech giant Microsoft and closes in on Nvidia and Apple to become one of the world’s most valuable entities, the potential for further growth is drawing significant attention.
Discussing the future of Bitcoin dominance, Markus Thielen, founder of 10x Research, predicts a strong stance even as the market inches towards the $4 trillion mark.
Thielen anticipates, “Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana.”
While Thielen envisions Bitcoin hitting a price tag of $100,000, propelling its market cap close to $2 trillion, others like Rachael Lucas, a crypto analyst at BTC Markets, foresee a surge in altcoins driving the market towards the $4 trillion milestone, potentially impacting Bitcoin’s dominance.
As Bitcoin continues to climb, currently priced at $89,478 and showing an 11% increase over 24 hours, the industry is abuzz with anticipation of crossing the $90,000 mark.
With the crypto market cap making history and reshaping the financial landscape, the possibilities for further expansion and market evolution are boundless, promising an exciting future for digital assets.
