The cryptocurrency market has reached a record high market capitalization of $3.12 trillion, nearing France’s GDP.
On Nov. 11, total crypto market capitalization rose by 7% in just 24 hours, largely driven by a surge in Bitcoin, which rallied to $89,500.
If the crypto market were a country, it would rank as the eighth-largest economy globally, trailing only the United States, China, Germany, Japan, India, the United Kingdom, and France.
Bitcoin’s own market cap has now surpassed $1.77 trillion, making it larger than Spain’s GDP, according to the International Monetary Fund.
The last time the crypto market cap approached $3 trillion was on Nov. 15, 2021, shortly after Bitcoin hit its previous peak of $69,000 during the 2020-2021 bull market, as reported by CoinGecko, which tracks over 15,000 coins across 1,149 exchanges.
The crypto market cap has now surpassed that of Microsoft and is closing in on Nvidia and Apple, the two most valuable companies globally, according to Google Finance data.
Bitcoin’s price rally also pushed its market cap above silver’s on Nov. 11.
Speaking with Cointelegraph, 10x Research founder Markus Thielen projected that Bitcoin’s dominance will “remain strong” as the total crypto market cap advances toward $4 trillion.
“We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana,” he said.
“We firmly expect Bitcoin to reach $100,000 before year-end.”
A Bitcoin price of $100,000 would bring its market cap close to $2 trillion.
However, not everyone shares Thielen’s view.
Rachael Lucas, a crypto analyst at BTC Markets, told Cointelegraph that if the crypto market moves toward $4 trillion, it will likely be driven by a “massive surge in altcoins,” which could reduce Bitcoin’s dominance.
Thielen also noted that some Solana-based tokens might outperform the market, while several top performers from the previous bull cycle may lag behind.
Currently, Bitcoin is trading at $89,478 — up 11% in 24 hours and nearing the $90,000 mark.
