Crypto market cap surpasses France, UK GDPs – India, Japan next

The crypto market cap flipped that of France and briefly topped the UK.
A $5-$10T crypto size could make it the third largest to China and U.S. GDPs.

2024 witnessed an extraordinary expansion in the cryptocurrency market, surpassing the financial standings of several prosperous nations worldwide.

On the 9th of December, the cumulative value of all cryptocurrencies reached an unprecedented peak of $3.71 trillion, outstripping France’s Gross Domestic Product (GDP) and momentarily surpassing the United Kingdom’s total wealth, which stands at approximately $3.58 trillion.

As of this writing, the crypto market cap retraced slightly to $3.46T, just below the UK’s GDP.

Crypto market cap targets India, Japan

Potential Asian nations may emerge as future targets for expansion, given the anticipated growth of cryptocurrencies under the pro-crypto administration of Donald Trump.

Based on International Monetary Fund (IMF) projections, the economies of countries like India ($3.8 trillion), Japan ($4 trillion), and Germany ($4.7 trillion) might potentially be overtaken if the market capitalization of cryptocurrencies grew to reach $5 trillion.

By the year 2024, the value of the cryptocurrency market more than doubled, rising from approximately $1.56 trillion to a staggering $3.7 trillion. This significant growth was primarily fueled by crucial factors such as the introduction of U.S. exchange-traded funds (ETFs) based on Bitcoin [BTC] and optimistic anticipation stemming from the crypto-friendly administration of then-president Trump.

Following the ETF’s approval in January, the market reached a staggering $2.7 trillion. This figure soared even higher, surpassing $3 trillion, following Donald Trump’s triumph in the 2016 U.S. Presidential elections.

Over the recent months, Bitcoin’s influence, with a market cap exceeding $1.93 trillion and representing more than half of the total cryptocurrency market, has significantly driven the expansion of the crypto sector.

This year so far, the value of King Coin has increased by 130%. As a result, it now ranks as the seventh most valuable asset by market capitalization, slightly smaller than Alphabet’s market cap worth approximately $2.15 trillion. (In other words, King Coin has experienced a massive increase of 130% this year and is currently valued just below Alphabet, Google’s parent company, with a market value of about $2.15 trillion.)

According to Ripple‘s Brad Garlinghouse, it is estimated that the total value of the cryptocurrency market could reach a staggering $5 trillion by the year 2024.

As a researcher, I recently observed a projection made by Standard Chartered in November. They suggested that if certain economic conditions were met under the Trump administration, the global market could surge to an unprecedented $10 trillion. If this $5 trillion to $10 trillion target is indeed achieved, it would place the cryptocurrency market in a potentially significant third position globally, following the United States and China.

2024-12-10 21:11

Crypto market cap targets India, Japan

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