Originally published on: November 12, 2024
The world of cryptocurrency is buzzing as the market capitalization hits a record-breaking high of $3.1 trillion, inching closer to surpassing France’s GDP. This milestone was achieved thanks to a 7% surge in total crypto market capitalization on November 11, largely driven by Bitcoin’s rally to $89,500.
If the crypto market were a country, it would rank as the eighth-largest economy globally, trailing behind economic powerhouses like the United States, China, and Germany. Bitcoin alone boasts a market cap of over $1.77 trillion, surpassing the GDP of Spain.
This surge in the crypto market cap has also caught the attention of major financial players. With the market cap now exceeding tech giant Microsoft and on track to rival Nvidia and Apple, it’s clear that cryptocurrencies are becoming increasingly influential in the global economy.
According to Markus Thielen, founder of 10x Research, the dominance of Bitcoin is expected to remain strong as the crypto market cap aims for the $4 trillion mark. However, there are differing opinions, with some analysts predicting a surge in altcoins could lead to a decline in Bitcoin’s dominance.
As Bitcoin hovers around $89,478, up 11% within 24 hours, all eyes are on whether it will break the $90,000 mark. With the market showing no signs of slowing down, the crypto landscape is shaping up to be an exciting ride for investors and enthusiasts alike.
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