The market capitalization of the cryptocurrency market has reached $3.12 trillion. If considered a country, its GDP would rank eighth in the world, only behind the United States, China, etc.
Written by: Brayden Lindrea
Translated by: Koala, Mars Finance
If the cryptocurrency market were a country, by GDP, it would be the eighth largest country in the world, only behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
The cryptocurrency market capitalization has reached a historic high of $3.12 trillion and is now close to surpassing France's GDP.
On November 11, the total cryptocurrency market capitalization surged 7% within 24 hours, primarily due to Bitcoin suddenly skyrocketing to $89,500.
If the cryptocurrency market were a country, it would rank eighth in GDP, only behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
Meanwhile, according to the International Monetary Fund, the market capitalization of Bitcoin alone has surpassed $1.77 trillion, exceeding Spain's GDP.
According to CoinGecko data, the last time the total cryptocurrency market capitalization reached $3 trillion was on November 15, 2021, when Bitcoin reached an all-time high of $69,000 during the 2020-2021 bull market. CoinGecko tracks 15,129 tokens across 1,149 cryptocurrency exchanges.
The change in cryptocurrency market capitalization over the past month. Data source: CoinGecko
Google Finance data shows that the cryptocurrency market capitalization has now surpassed that of tech giant Microsoft and is approaching the two highest market capitalizations in the world, Nvidia and Apple.
On November 11, the rise in Bitcoin price also caused its market capitalization to exceed that of silver again.
Markus Thielen, founder of 10x Research, predicted in an interview with Cointelegraph that as the cryptocurrency market capitalization approaches $4 trillion, Bitcoin's dominance will 'remain strong.'
"We expect Bitcoin's dominance to remain strong, with the current momentum primarily focused on Bitcoin and extending to Ethereum and Solana."
"We firmly expect Bitcoin to reach $100,000 by the end of the year."
If the price of Bitcoin reaches $100,000, its market capitalization will approach nearly $2 trillion.
Thielen also believes that some Solana-based tokens will outperform the market and expects that many high-performing altcoins from the 2020-2021 bull market may underperform.
The current price of Bitcoin is $89,478 - an 11% increase within 24 hours, just one step away from breaking the $90,000 mark.
