At $3.12 Trillion, the Crypto Market Cap Nearly Matches France’s GDP in the Global Ranking
With a new all-time high of $3.12 trillion, the value of the cryptocurrency market is almost equal to France’s GDP. Due mostly to a spike in Bitcoin, which rose to $89,500, the whole market capitalization of cryptocurrencies increased by 7% in a single day on November 11. After the US, China, Germany, Japan, India, the UK, and France, the cryptocurrency industry would rank eighth in terms of GDP if it were a nation. According to CoinGecko, which analyzes 15,129 coins from 1,149 crypto exchanges, the last time the total market capitalization of cryptocurrencies was at $3 trillion was on November 15, 2021, just after Bitcoin hit its previous all-time high of $69,000 during the 2020–2021 bull market.
Expert Predictions: Bitcoin Set for $100K as Crypto Market Cap Climbs to $4 Trillion
According to Google Finance data, the cryptocurrency market capitalization has surpassed that of Microsoft, the largest tech company, and is gaining ground on Apple and Nvidia, the two most valuable corporations in the world. As the cryptocurrency market value approaches $4 trillion, Markus Thielen, head of 10x Research, told Cointelegraph that he anticipates Bitcoin‘s supremacy to “remain strong.”
We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana. We firmly expect Bitcoin to reach $100,000 before year-end.
Thielen
However, there are many that disagree with Thielen. According to Rachael Lucas, a cryptocurrency analyst at BTC Markets, a “massive surge in altcoins” would probably propel a cryptocurrency market rally toward $4 trillion, undermining Bitcoin’s dominance.
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