Crypto market cap hits $3.1T high, could soon surpass France’s GDP

Crypto
market
capitalization
has
reached
a
new
all-time
high
of
$3.12
trillion
—
and
is
now
close
to
surpassing
France’s
gross
domestic
product
(GDP). 

On
Nov.
11,
total
crypto
market
capitalization
soared
7%
over
24
hours,
due
mainly
to
a
sudden
surge
in
Bitcoin,
which
rallied
to
$89,500. 

If
the
crypto
market
were
a
country,
it
would
be
the
eighth
largest
in
GDP
terms
behind
the
United
States,
China,
Germany,
Japan,
India,
the
United
Kingdom
and
France.

Meanwhile,
Bitcoin’s
market
cap
alone
is
now
over
$1.77
trillion
—
larger
than
Spain’s
GDP,

according
to
the
International
Monetary
Fund.

The
last
time
the
total

crypto
market
cap
was
at
$3
trillion
was
Nov.
15,
2021,
shortly
after
Bitcoin
reached
its
previous
all-time
high
of
$69,000
in
the
2020-2021
bull
market,

according
to
CoinGecko,
which
tracks
15,129
coins
from
1,149
crypto
exchanges.

The
crypto
market
cap
is
now
larger
than
that
of
tech
giant

Microsoft
and
is
closing
in
on

Nvidia
and

Apple,
the
world’s
two
most
valuable
companies,
Google
Finance
data
shows.

The
Bitcoin
price
rally
also
pushed
its
market
cap
above

that
of
silver
again
on
Nov.
11.

Speaking
to
Cointelegraph,
founder
of
10x
Research
Markus
Thielen
expects

Bitcoin
dominance
to
“remain
strong”
as
the
crypto
market
cap
moves
toward
$4
trillion.

Related:



Bitcoin
price
will
hit
$1M,
but
at
what
cost?
—
Michaël
van
de
Poppe

“We
anticipate
Bitcoin’s
dominance
to
remain
strong,
with
the
current
rally
primarily
centered
on
Bitcoin
and
extending
toward
Ethereum
and
Solana.”

“We
firmly
expect
Bitcoin
to
reach
$100,000
before
year-end.”

A
Bitcoin
price
tag
of
$100,000
would
take
its
market
cap
to
nearly
$2
trillion.

Thielen
also
believes
a
few

Solana-based
tokens
to
outperform
the
market
and
expects
many
high-performers
from
the
2020-2021
bull
cycle
may
underperform.

Bitcoin
is

currently
priced
at
$89,478
—
up
11%
over
24
hours
and
within
striking
distance
of
crossing
the
$90,000
mark.

Magazine:



DeFi
and
Ethereum
are
the
‘new
narrative’:
Michaël
van
de
Poppe,
X
Hall
of
Flame