Crypto Market Capitalization Approaches France GDP

Bitcoin has reached the milestone of $90,000, with a market capitalization of $1.77 trillion, surpassing the silver market. Meanwhile, the total market capitalization of cryptocurrencies has reached $3.12 trillion, closely approaching the GDP of France, which is among the top seven economies in the world.

Crypto Market Capitalization Approaches France Gdp

A remarkable milestone has been achieved in the cryptocurrency world as the total market capitalization reaches $3.12 trillion – a figure comparable to France’s Gross Domestic Product (GDP). This surge was primarily driven by Bitcoin’s strong momentum on November 11, when the leading cryptocurrency touched $89,500, triggering a 7% growth across the entire market within 24 hours.

Crypto Market Capitalization
Crypto Market Capitalization

If the cryptocurrency market were considered an independent economy, it would rank 8th globally, trailing only major economic powers such as the United States, China, Germany, Japan, India, the United Kingdom, and France. Bitcoin alone, with a market cap of $1.77 trillion, has surpassed Spain’s GDP.

The market last touched the $3 trillion mark on November 15, 2021, when Bitcoin set its previous historical peak of $69,000 during the 2020-2021 bull cycle. Currently, the crypto market’s capitalization has overtaken Microsoft and is closing in on tech giants Nvidia and Apple – the world’s most valuable companies. Notably, Bitcoin also surpassed the silver market’s capitalization on November 11.

Bitcoin also surpassed the silver market's capitalization
Bitcoin also surpassed the silver market’s capitalization

Markus Thielen, founder of 10x Research, predicts Bitcoin will maintain its dominance as the market approaches the $4 trillion threshold. He states:

The current growth wave is centered on Bitcoin and gradually spreading to Ethereum and Solana. We expect Bitcoin to reach $100,000 before year-end.

If this prediction materializes, Bitcoin’s market cap would approach $2 trillion.

Thielen also forecasts that certain Solana-based tokens will outperform the market. However, he cautions that many assets that showed strong growth during the 2020-2021 cycle might underperform in this round.

Related: FTX Sues Binance and CZ, Demanding Compensation of Up to $1.76 Billion

Currently, Bitcoin is trading around $89,000, up 11% in 24 hours and approaching the significant milestone of $90,000.

Bitcoin
Bitcoin

1.0/5

(1 vote)

Latest

Azcnews What Caused Goat's Price To Drop 20% In Just 24 Hours

News | Altcoin | Editor Choice | Memecoin

What Caused GOAT’s Price to Drop 20% in Just 24 Hours?

The price of memecoin GOAT continues to plummet after reaching its peak, recording a drop of more than 20% in the past 24 hours, becoming one of the worst-performing coins on the market.

Trump Seeks To Appoint Crypto Specialist To His Administration

News | Editor Choice | Policy & Regulations

Trump Seeks to Appoint Crypto Specialist to His Administration

Donald Trump is looking for someone to appoint to a completely new position in the White House as a dedicated advisor on cryptocurrency.

Azcnews Bitcoin Nears $95k, Putting 100% Of Investors In Profit

News | Analytics | Bitcoin | Editor Choice

Bitcoin Nears $95K, Putting 100% of Investors in Profit

With Bitcoin at an all-time high, 100% of investors holding the coin are in profit.

12 Year Old Boy Executes Rug Pull On Memecoin, Rakes In $30,000 Live On Stream

News | Editor Choice | Memecoin

12-Year-Old Boy Executes Rug Pull on Memecoin, Rakes in $30,000 Live on Stream

A 12-year-old boy conducted a livestream rug pull of the memecoin QUANT that he created, earning $30,000 from investors.

How To Participate In The Din Airdrop On Binance Web3

Airdrops | Editor Choice | News

How to Participate in the DIN Airdrop on Binance Web3

DIN (formerly Web3Go) and Binance Web3 are hosting a program with rewards of up to 375,000 $DIN, running from November 19 to December 3, 2024.