The cryptocurrency market has reached an unprecedented milestone, with its total market capitalization surging to $3.12 trillion, edging closer to surpassing France’s gross domestic product (GDP). On November 11, the market saw a dramatic 7% increase within 24 hours, driven primarily by a rally in Bitcoin prices.
According to Google Finance data, the crypto market cap now outpaces the valuation of tech giant Microsoft and is closing in on Nvidia and Apple, two of the world’s most valuable companies. Bitcoin’s resurgence has also propelled its market capitalization above that of silver as of November 11.
In an interview with Cointelegraph, Markus Thielen, founder of 10x Research, predicted that Bitcoin’s dominance will remain strong as the overall crypto market cap approaches $4 trillion. Bitcoin's recent price rally reached $89,500, reaffirming its leading position in the digital asset ecosystem.
If considered a nation, the crypto market would rank as the world’s eighth-largest economy, trailing only behind the United States, China, Germany, Japan, India, the United Kingdom, and France in GDP terms. Furthermore, Bitcoin’s market cap alone has surpassed $1.77 trillion, placing it ahead of Spain’s GDP, according to the International Monetary Fund.
The last time the total crypto market cap hovered near $3 trillion was on November 15, 2021, during the height of the 2020-2021 bull run when Bitcoin reached its previous all-time high of $69,000. These developments highlight the significant growth and increasing influence of the cryptocurrency sector, with platforms like CoinGecko now tracking over 15,000 coins across more than 1,100 crypto exchanges.
