The cryptocurrency market has achieved a new record high market capitalization of $3.12 trillion, which is approaching the level of France’s gross domestic product (GDP).
On November 11th, the total market capitalization of cryptocurrencies surged by 7% within 24 hours, mainly due to a sudden increase in the price of Bitcoin, which reached $89,500.
If the cryptocurrency market were considered as a country, it would be the eighth largest economy in terms of GDP, following the United States, China, Germany, Japan, India, the United Kingdom, and France.
Meanwhile, the market capitalization of Bitcoin alone has exceeded $1.77 trillion, surpassing Spain’s GDP, according to the International Monetary Fund.
The last time the total market capitalization of cryptocurrencies reached $3 trillion was on November 15th, 2021, shortly after Bitcoin reached its previous all-time high of $69,000 during the bull market of 2020-2021, as reported by CoinGecko, a platform that tracks 15,129 coins from 1,149 crypto exchanges.
The data from Google Finance shows that the market capitalization of the cryptocurrency market is now larger than that of tech giant Microsoft and is approaching the levels of Nvidia and Apple, the two most valuable companies in the world.
Furthermore, the recent rally in the price of Bitcoin has once again pushed its market capitalization above that of silver on November 11th.
Markus Thielen, the founder of 10x Research, expressed his belief that Bitcoin’s dominance will remain strong as the overall market capitalization of cryptocurrencies approaches $4 trillion.
“We expect Bitcoin’s dominance to remain strong, with the current rally primarily focused on Bitcoin and extending to Ethereum and Solana. We firmly believe that Bitcoin will reach $100,000 before the end of the year.”
If Bitcoin reaches a price of $100,000, its market capitalization would approach $2 trillion.
Thielen also predicts that certain tokens based on Solana will outperform the market, while many of the high-performing tokens from the 2020-2021 bull cycle may underperform.
Currently, Bitcoin is priced at $89,478, showing an increase of 11% within 24 hours and getting close to crossing the $90,000 mark.