The cryptocurrency market has hit an all-time high with a $3.12 trillion valuation, edging close to surpassing the GDP of France. This surge came as Bitcoin rallied to $89,500, pushing the total crypto market up by 7% in just 24 hours.
Crypto Market Cap Rivals Top Global Economies and Companies
If the crypto market were a country, it would rank as the eighth-largest economy, trailing only the United States, China, Germany, Japan, India, the United Kingdom, and France. Bitcoin alone now boasts a market cap of over $1.77 trillion, surpassing Spain’s GDP, according to IMF data.
This latest market cap milestone also makes the crypto sector larger than tech giants like Microsoft, and it’s closing in on global leaders Nvidia and Apple. The Bitcoin price rally on November 11 helped its market cap exceed silver’s, reclaiming its position as a top global asset.
Experts See Bitcoin Continuing to Dominate as Market Grows
Markus Thielen, founder of 10x Research, shared his forecast predicting Bitcoin’s dominance will persist as the overall market cap climbs toward $4 trillion. He expects Bitcoin to reach $100,000 by the end of the year, pushing its market cap close to $2 trillion. Thielen also anticipates Ethereum and Solana will benefit from Bitcoin’s momentum, although some top-performing tokens from the previous bull cycle may lag behind.
Bullish Outlook as Bitcoin Eyes $90,000
Currently, Bitcoin sits just below $90,000, up 11% in the last 24 hours, with strong potential to cross the $90,000 threshold soon. Analysts believe this upward momentum, combined with increasing adoption, could help the crypto market maintain its growth trajectory and compete on a global economic scale.