The cryptocurrency market's market capitalization has reached $3.12 trillion. If considered a country, its GDP would rank eighth in the world, only behind the United States, China, and others.
Written by: Brayden Lindrea
Translated by: Koala, Mars Finance
If the cryptocurrency market were a country, it would be the eighth largest by GDP, only behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
The market capitalization of cryptocurrencies has hit a historic high of $3.12 trillion, now approaching the GDP of France.
On November 11, the total market capitalization of cryptocurrencies surged by 7% within 24 hours, primarily due to Bitcoin's sudden rise 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 data from the International Monetary Fund, Bitcoin's market capitalization alone has exceeded $1.77 trillion, surpassing Spain's GDP.
According to CoinGecko, the last time the total market capitalization of cryptocurrencies reached $3 trillion was on November 15, 2021, when Bitcoin hit a historic high of $69,000 during the 2020-2021 bull market. CoinGecko tracks 15,129 tokens across 1,149 cryptocurrency exchanges.
Changes in cryptocurrency market capitalization over the past month. Source: CoinGecko
Google Finance data shows that the cryptocurrency market capitalization has now surpassed tech giant Microsoft and is approaching the two highest-valued companies in the world, Nvidia and Apple.
On November 11, the rise in Bitcoin's price also caused its market capitalization to exceed that of silver once 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, extending to Ethereum and Solana."
"We firmly expect Bitcoin to reach $100,000 by the end of the year."
If Bitcoin's price reaches $100,000, its market capitalization will approach nearly $2 trillion.
Thielen also believes that some Solana-based tokens will outperform the market and anticipates that many high-performing altcoins from the 2020-2021 bull market cycle may underperform.
Bitcoin's current price is $89,478—up 11% in 24 hours and just a step away from breaking the $90,000 mark.
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