Crypto market cap hits $3.1T high, may soon surpass France’s GDP
Crypto market capitalization has reached a new all-time high of $3.12 trillion– near going beyond Frances gross domestic product (GDP). On Nov. 11, total crypto market capitalization soared 7% over 24 hours, mostly on a surge in Bitcoin (BTC), which rallied to $89,500. If the crypto market were a nation, it would be the eighth-largest in GDP terms behind the United States, China, Germany, Japan, India, the United Kingdom and France.Meanwhile, Bitcoins market cap alone is now over $1.77 trillion– larger than Spains GDP, according to the International Monetary Fund.The last time the overall crypto market cap was at $3 trillion was Nov. 15, 2021, shortly after Bitcoin reached its previous all-time high of $69,000 in the 2020-2021 bull market, according to CoinGecko, which tracks 15,129 coins from 1,149 crypto exchanges.Change in the crypto market cap over the last month. Source: CoinGeckoThe crypto market cap is now larger than that of tech huge Microsoft and is surrounding Nvidia and Apple, the worlds two most valuable business, Google Finance data shows.The Bitcoin cost rally also pressed its market cap above that of silver once again on Nov. 11. The fifth to 12th biggest possessions by market cap. Source: Companies Market CapSpeaking to Cointelegraph, creator of 10x Research Markus Thielen stated he anticipates Bitcoin dominance to “remain strong” as the crypto market cap moves toward $4 trillion.Related: Bitcoin rate will hit $1M, however at what cost?– Michaël van de Poppe” We expect Bitcoins supremacy to stay strong, with the current rally mainly fixated Bitcoin and extending towards Ethereum and Solana.”” We securely expect Bitcoin to reach $100,000 before year-end.” A Bitcoin price of $100,000 would take its market cap to nearly $2 trillion.Not everybody concurs with Thielen.Rachael Lucas, a crypto expert at BTC Markets, told Cointelegraph that a crypto market rally toward $4 trillion would likely be driven by a “huge surge in altcoins,” therefore triggering a decline in Bitcoins dominance.Thielen likewise stated a few Solana-based tokens may exceed the marketplace and many high-performers from the 2020-2021 bull cycle may underperform.Bitcoin is presently priced at $89,478– up 11% over 24 hours and within striking distance of crossing the $90,000 mark.Magazine: DeFi and Ethereum are the brand-new story: Michaël van de Poppe, X Hall of Flame