The cryptocurrency market capitalization has reached a new all-time high of $3.12 trillion, almost surpassing France’s gross domestic product (GDP). On November 11, the increase in capitalization over 24 hours was 7%, mainly due to the growth of Bitcoin, which rose in price to $89,500. Today, according to the International Monetary Fund, the market capitalization of Bitcoin alone has reached $1.77 trillion, which exceeds the GDP of Spain.
Image source: unsplash.com
If we tried to compare the cryptocurrency market with the GDP of developed countries, it would become the eighth largest after the United States, China, Germany, Japan, India, Great Britain and France. According to Google Finance, the cryptocurrency market capitalization is now larger than that of tech giant Microsoft and approaching Nvidia and Apple, two of the most valuable companies in the world. On November 11, the rise in Bitcoin prices also lifted its market capitalization above the value of global silver reserves.
According to data from CoinGecko, which tracks 15,129 coins from 1,149 cryptocurrency exchanges, the total cryptocurrency market capitalization to date reached $3 trillion on November 15, 2021, shortly after Bitcoin hit its previous all-time high of $69,000.
Image Source: CoinGecko
10x Research founder Markus Thielen is confident that Bitcoin’s dominance will continue, with the cryptocurrency market capitalization approaching $4 trillion in the near future: “We expect Bitcoin’s dominance to remain strong, with current growth mainly focused on Bitcoin and spreading to Ethereum and Solana.” Thielen expects Bitcoin to reach $100,000 before the end of the year, increasing its market capitalization to almost $2 trillion.
Thielen noted the promise of Solana-based tokens, which he believes “could outperform the market,” while many high-performing tokens from the 2020-2021 bull cycle could underperform the market.
BTC Markets cryptanalyst Rachael Lucas has a slightly different opinion. She believes that the growth of the cryptocurrency market to $4 trillion will be driven by a “massive surge in altcoins,” which will lead to a decrease in Bitcoin’s dominance.
Bitcoin is currently priced at $89,478 and is very close to crossing the $90,000 mark.
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