The cryptocurrency market capitalization has reached a new all-time high of $3.12 trillion and is now close to surpassing France’s gross domestic product (GDP).
On Nov. 11, the total cryptocurrency market capitalization surged 7% over 24 hours, primarily due to a sudden increase in Bitcoin, which rose to $89,500.
If the cryptocurrency market were a country, it would be the eighth largest in terms of GDP behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
Meanwhile, Bitcoin’s market cap alone has exceeded $1.77 trillion, according to the International Monetary Fund, surpassing Spain’s GDP.
The last time the total cryptocurrency market cap reached $3 trillion was on Nov. 15, 2021, shortly after Bitcoin hit its previous all-time high of $69,000 in the 2020-2021 bull market, as reported by CoinGecko, which tracks 15,129 coins from 1,149 cryptocurrency exchanges.
The cryptocurrency market cap is now larger than that of tech giant Microsoft and is approaching Nvidia and Apple, the world’s two most valuable companies, according to Google Finance data. The Bitcoin price rally also pushed its market cap above that of silver again on Nov. 11.
Speaking to Cointelegraph, Markus Thielen, founder of 10x Research, expects Bitcoin dominance to “remain strong” as the cryptocurrency market cap moves towards $4 trillion.
“We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily focused on Bitcoin and extending to Ethereum and Solana. We firmly expect Bitcoin to reach $100,000 before the end of the year.”
A Bitcoin price of $100,000 would bring its market cap close to $2 trillion. Thielen also believes that some Solana-based tokens may outperform the market and that many top performers from the 2020-2021 bull cycle may underperform.
Bitcoin is currently trading at $89,478, up 11% over 24 hours and close to reaching the $90,000 mark.