As a seasoned crypto investor with a decade of experience under my belt, witnessing the growth of the crypto market has been nothing short of exhilarating. It feels like we’re watching a rocket take off, and I can’t help but feel a sense of pride as I watch the total market capitalization inch closer to France’s GDP.
The total value of the cryptocurrency market has hit a record peak of $3.12 trillion, coming very close to exceeding the economic output of France as measured by their Gross Domestic Product (GDP).
On November 11th, the overall cryptocurrency market capitalization experienced a significant 7% increase within a 24-hour period, primarily driven by an unexpected rise in Bitcoin’s value, which peaked at approximately $89,500.
In terms of economic output if the cryptocurrency market were considered as a nation, it would rank eighth among the world’s largest economies, following the U.S., China, Germany, Japan, India, the UK, and France.
Currently, the market capitalization of Bitcoin stands at more than 1.77 trillion dollars, surpassing Spain’s total GDP as reported by the International Monetary Fund.
On November 15, 2021, the cumulative value of all cryptocurrencies reached $3 trillion, not long after Bitcoin hit its previous peak price of $69,000 during the 2020-2021 bull market. This information is based on data gathered by CoinGecko, a platform that monitors over 15,000 different cryptocurrencies from more than 1,100 crypto exchanges.
According to Google Finance, the total value of all cryptocurrencies exceeds that of tech titan Microsoft and is getting closer to both Nvidia and Apple, which rank as the world’s top two most valuable corporations.
The Bitcoin price rally also pushed its market cap above that of silver again on Nov. 11.
Speaking to CryptoMoon, founder of 10x Research Markus Thielen expects Bitcoin dominance to “remain strong” as the crypto market cap moves toward $4 trillion.
It’s expected that Bitcoin will continue to hold its significant influence, as the ongoing surge seems to focus predominantly on Bitcoin, and also encompasses Ethereum and Solana.
“We firmly expect Bitcoin to reach $100,000 before year-end.”
A Bitcoin price tag of $100,000 would take its market cap to nearly $2 trillion.
As an analyst, I too am convinced that certain tokens built on the Solana network have the potential to surpass the broader market. However, it’s important to note that some of the top performers from the 2020-2021 bull market may not maintain their stellar performance in the future.
At the moment, Bitcoin is valued at approximately $89,478 – this represents an increase of around 11% in the last day, with the significant milestone of reaching $90,000 becoming increasingly close.
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2024-11-12 05:14