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