Cryptocurrency Market Hits $3.1 Trillion: Poised to Surpass France’s GDP
The cryptocurrency market has reached a historic milestone, with its total market capitalization now surpassing $3.1 trillion. If the crypto market were a country, it would rank as the eighth-largest economy in the world by GDP, just behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
On November 11, the cryptocurrency market surged by 7% in just 24 hours, largely driven by a sharp increase in Bitcoin’s price, which briefly hit $89,500. This spike has brought the total crypto market capitalization to within striking distance of surpassing France’s GDP.
A Crypto Market Rivaling Major Economies
According to data from the International Monetary Fund (IMF), Bitcoin alone now boasts a market value of over $1.77 trillion, surpassing the GDP of Spain. The crypto market’s recent surge marks a significant recovery from its previous high of $3 trillion in November 2021, during Bitcoin’s bull run when it reached its all-time high of $69,000.
As tracked by CoinGecko, which monitors over 1,100 cryptocurrency exchanges and more than 15,000 tokens, the total market cap has not only exceeded traditional tech giants like Microsoft but is also rapidly approaching the market caps of Nvidia and Apple, the two highest-valued companies globally.
Bitcoin’s Role in the Crypto Surge
The latest surge in the crypto market is largely attributed to Bitcoin, which, on November 11, not only saw its price skyrocket but also briefly pushed its market capitalization past that of silver. This price increase has cemented Bitcoin’s dominance, and analysts are predicting that it will maintain its strong position as the market continues to grow.
Markus Thielen, founder of 10x Research, told Cointelegraph that as the cryptocurrency market nears $4 trillion, Bitcoin’s dominance will remain robust. “We expect Bitcoin’s dominance to stay strong,” Thielen said. “Currently, the surge is concentrated in Bitcoin, with momentum also extending to Ethereum and Solana.”
Thielen also anticipates that Bitcoin will reach $100,000 by the end of the year. At that price point, Bitcoin’s market capitalization would approach $2 trillion.
Looking Ahead: The Future of Cryptocurrency
As the total cryptocurrency market value nears $4 trillion, Thielen believes some tokens based on Solana will outperform the broader market. However, he also suggests that many high-performing altcoins from the 2020-2021 bull market cycle may struggle to replicate their previous successes.
With Bitcoin’s price hovering around $89,478—up 11% in just 24 hours—it is only a matter of time before it crosses the $90,000 mark. If Bitcoin continues its upward trajectory, it may soon be competing with the world’s most valuable assets.
The growth of the cryptocurrency market is not only a testament to the resilience of Bitcoin but also reflects the increasing institutional interest and acceptance of digital assets. As the market capitalization of cryptocurrencies continues to climb, it will be fascinating to see how this dynamic sector continues to challenge traditional financial systems and reshape the global economic landscape.
In the coming months, as Bitcoin approaches new price milestones, the world will watch closely to see whether the crypto market can surpass the GDP of major economies like France and cement its place as a true financial powerhouse.