Crypto market cap nears France’s GDP after Bitcoin leads $3 trillion rally

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  • Crypto market cap peaked at highs last seen back in November 2021
  • Standard Chartered forecasts a $10 trillion milestone by 2026

As a seasoned researcher with a keen eye for market trends and a knack for deciphering the intricacies of the digital economy, I find myself both awestruck and cautiously optimistic about the current state of the crypto market cap. Having closely followed the rise and fall of Bitcoin since its inception, it’s fascinating to witness its latest surge towards the $3 trillion milestone – a figure that is now only a stone’s throw away from France’s GDP.

Recently, the total value of the global cryptocurrency market experienced a significant surge, reaching an impressive $3.02 trillion. This rise was largely driven by Bitcoin‘s recent all-time high (ATH). In fact, as reported by CoinMarketCap, this figure increased by approximately 9.54% over the past day.

Over the stated timeframe, it’s clear that the top 15 digital currencies have seen an impressive surge in value, indicating a strong bullish trend within the cryptocurrency market.

Crypto market cap closes in on France

It’s noteworthy that the digital economy has reached a valuation similar to that of the 7th largest economy globally, which is France, with a GDP of around $3.17 trillion. This significant growth can be attributed in large part to Bitcoin [BTC], as it has contributed approximately $1.75 trillion to the market cap due to its price increase.

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Besides these key players, Ethereum (ETH) with a market cap of $408.6 billion, Tether (USDT) at $124.1 billion, and Solana (SOL) with a market value of $103.6 billion also made significant contributions.

Bitcoin breaks barriers – What’s powering the rally?

While Bitcoin’s surge is noteworthy, it makes us wonder if this increase is merely due to the U.S. election excitement, or if there are underlying factors driving the trend further?

During a discussion with Fox Business, Anthony Pompliano (CEO of Professional Capital Management) offered insights about a topic. Specifically, he emphasized Bitcoin’s leading position within the cryptocurrency market.

“Bitcoin is the king and Wall Street wants to put their money with the king.”

According to Pompliano, surpassing $80,000 (when adjusted for inflation) as an all-time high has sparked investor enthusiasm. Furthermore, he pointed out that Bitcoin ETFs are currently attracting a new influx of funds – A demand that was not noticeable in 2021.

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Additionally, he anticipates that Bitcoin will continue to show significant growth towards the end of the year, driven by a surge of new investors entering the market.

Bitcoin’s growing economic demand

Not just institutions are keeping an interested eye on Bitcoin’s worth. In a conversation with CNBC, Barbara Goodstein from R360 pointed out how Donald Trump’s election could influence Bitcoin’s function within national reserves. Goodstein emphasized that Trump’s victory might impact Bitcoin’s role in this context.

“We think Bitcoin could become the next strategic reserve asset.”

At present, the U.S owns approximately 232,000 Bitcoins, and it’s been proposed that under the influence of the Republicans, this amount might surge to over a million. Such an increase would strongly indicate a significant endorsement of Bitcoin’s importance in our economic system.

Crypto market cap’s path to $10T

Delving into the dynamic world of cryptocurrencies as they surge and the market broadens its horizons, I find myself pondering over potential future landmarks. Interestingly, a recent projection from Standard Chartered hints at an extraordinary milestone: if Trump’s presidency continues on its current trajectory, it may propel the total value of the crypto market to a staggering $10 trillion by 2026.

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The bank anticipates that changes in banking regulations and possible evolutions within the Securities and Exchange Commission might create a more welcoming environment for digital assets, potentially attracting more institutional investment.

As the Head of Digital Assets Research at Standard Chartered, I’m excited to share my optimistic perspective on our digital assets sector. In essence, I believe we are looking at a promising future.

As the overall growth of digital assets increases, it’s expected that all these assets will see an uplift. Those with closer ties to practical uses or applications are likely to gain the most from this trend.

This optimistic outlook suggests that cryptocurrencies are gaining traction and credibility, with signs pointing towards their increasing importance on a global level.

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2024-11-13 13:12