Cryptocurrency market capitalization has reached a recent record high of $3.12 trillion – almost surpassing France’s gross domestic product (GDP).
On November 11, the total cryptocurrency market capitalization increased by 7% in 24 hours, mainly due to the escalate in the price of Bitcoin (BTC), 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, the market capitalization of Bitcoin alone is currently over $1.77 trillion – larger than the GDP of Spain, According to to the International Monetary Fund.
The last time the total cryptocurrency market capitalization was $3 trillion was on November 15, 2021, shortly after Bitcoin reached its previous all-time high of $69,000 during the 2020-2021 bull market, According to to CoinGecko, which tracks 15,129 coins from 1,149 cryptocurrency exchanges.
Cryptocurrency market capitalization change over the last month. Source: CoinGecko
The market capitalization of cryptocurrencies is now larger than that of the tech giant Microsoft and it’s getting closer Nvidia AND Apple, the two most valuable companies in the world, according to Google Finance data.
Bitcoin’s price rally on November 11 also pushed its market capitalization above silver’s again.
From fifth to twelfth place in terms of market capitalization. Source: Market capitalization of companies
In an interview with Cointelegraph, 10x Research founder Markus Thielen said he expects Bitcoin’s dominance “to remain strong” as the cryptocurrency market capitalization grows to $4 trillion.
Related: Bitcoin price will reach $1 million, but at what cost? —Michael van de Poppe
“We anticipate that Bitcoin’s dominance will remain strong, with current growth focused primarily on Bitcoin and expanding towards Ethereum and Solana.”
“We definitely expect Bitcoin to hit $100,000 before the end of the year.”
Bitcoin’s price of $100,000 would raise its market capitalization to almost $2 trillion.
Not everyone agrees with Thielen.
Rachael Lucas, cryptocurrency analyst at BTC Markets, told Cointelegraph that the cryptocurrency market’s growth towards $4 trillion will likely be driven by a “huge increase in altcoin prices,” thus causing Bitcoin’s dominance to decline.
Thielen also said that several Solana-based tokens could outperform the market and many high-performing 2020-2021 bull cycle tokens could underperform.
Bitcoin is currently trading at $89,478 – up 11% in 24 hours and within striking distance of breaching the $90,000 level.
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