Cryptocurrency market capitalization hits new high, Bitcoin nears $90,000, surpasses silver and leads strong growth.
The global cryptocurrency market has just recorded a new historical milestone when its total capitalization surpassed 3.1 trillion USD on November 11, nearly equal to the GDP of France, the country with the 8th largest economy in the world.
The impressive growth was fueled by Bitcoin's strong breakout, with its value approaching the $89,500 threshold, raising its own capitalization to more than $1.77 trillion, surpassing Spain's GDP.
Bitcoin: The Locomotive of the New Era?
The event marked the second time the cryptocurrency market hit the $3 trillion mark, the previous time being in November 2021 after Bitcoin peaked at $69,000.
Cryptocurrency market capitalization change over the past month. Source: CoinGecko
According to data from CoinGecko, a platform that tracks more than 15,000 cryptocurrencies across nearly 1,200 exchanges, the 7% growth in 24 hours pushed the total market capitalization past the value of technology corporation Microsoft and is approaching giants like Nvidia and Apple. Notably, this meteoric rise also helped Bitcoin officially surpass the capitalization value of silver on the same day.
5th-12th largest assets by market capitalization. Source: Companies Market Cap
Bitcoin’s dominance in the cryptocurrency market is expected to continue to be strong. Markus Thielen, founder of 10x Research, believes that Bitcoin will be at the center of this growth, leading to the development of other cryptocurrencies such as Ethereum and Solana. He confidently predicts that Bitcoin will reach the $100,000 mark before the end of the year, equivalent to a market capitalization of nearly $2 trillion.
However, not all experts agree with this view. Rachael Lucas, a cryptocurrency analyst at BTC Markets, believes that the market's growth to $4 trillion could come from the altcoin boom, leading to a decrease in Bitcoin's dominance. Ms. Lucas believes that altcoins have the potential to grow strongly in the coming period, creating vibrant competition in the market.
Meanwhile, Thielen predicts that some Solana-based tokens will likely outperform the overall market, while many coins that performed well during the 2020-2021 bull cycle will likely underperform. This suggests that the cryptocurrency market is entering a period of strong volatility, with fierce competition between different coins.
Currently, Bitcoin price is trading around $89,478, up 11% in 24 hours, continuing to approach the psychological threshold of $90,000, promising exciting developments in the near future.
