The cryptocurrency market cap has just reached a new record level of $3.12 trillion – approaching the Gross Domestic Product (GDP) of France.
On November 11, the total market cap of the cryptocurrency market surged 7% within 24 hours, thanks to the strong momentum of Bitcoin as the coin hit $89,500.
If the cryptocurrency market is viewed as an economy, its size would rank 8th in the world by GDP, just behind powerhouses like the United States, China, Germany, Japan, India, the United Kingdom, and France.
Meanwhile, Bitcoin's market cap alone has surpassed $1.77 trillion – larger than the GDP of Spain.
The last time the total cryptocurrency market cap hit $3 trillion was on November 15, 2021, right after Bitcoin reached its previous historical peak of $69,000 during the 2020-2021 growth cycle.
Total cryptocurrency market capitalization | Source: Coingecko
Currently, the market cap of the cryptocurrency market has surpassed Microsoft and is closely following Nvidia and Apple – the two largest companies globally, according to Google Finance data.
The growth momentum of Bitcoin also pushed its market cap past the Silver market once again on November 11.
Top 10 largest assets by market capitalization | Source: Companies Market Cap
In an interview with Cointelegraph, Markus Thielen, founder of 10x Research, stated that “Bitcoin will continue to dominate” as the cryptocurrency market cap heads towards the $4 trillion threshold.
“We predict Bitcoin will maintain a strong position, with the current growth wave primarily focused on Bitcoin and spreading to Ethereum and Solana.”
“We expect Bitcoin to reach $100,000 before the end of this year.”
If Bitcoin reaches a price of $100,000, its market cap will be close to $2 trillion.
Thielen also predicts that some tokens based on the Solana platform will outperform the market and notes that many high-performing assets during the growth cycle of 2020-2021 may underperform.
Currently, Bitcoin is trading at $89K – up 11% in 24 hours and approaching the $90K threshold.
Source: https://tapchibitcoin.io/von-hoa-thi-truong-crypto-dat-31-nghin-ty-do-la.html
