Crypto Market Cap Hits $3.12 Trillion, Approaching GDPs of Major Nations

The crypto market reached an impressive milestone on November 11, with its total market capitalization climbing to $3.12 trillion, driven largely by a surge in Bitcoin’s price to a new all-time high of $89,500.

This figure now puts the crypto market on the verge of surpassing France’s GDP, highlighting how the once-niche asset class is entering the upper echelons of global economic influence. As Bitcoin’s own market cap exceeds $1.77 trillion, it’s now larger than Spain’s GDP, according to recent data from the International Monetary Fund.

Bitcoin’s Meteoric Rise

With the latest surge, Bitcoin not only secured its position above silver’s market cap but also pushed the entire crypto market closer to rivaling major tech giants like Microsoft, Nvidia, and Apple. Markus Thielen, founder of 10x Research, expressed confidence in Bitcoin’s growing influence:

“We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana.”

Thielen further added that he expects Bitcoin to reach the landmark price of $100,000 by year-end, which would bring its market cap close to $2 trillion.

Rachael Lucas, a BTC Markets crypto analyst, shared a different view, suggesting that Bitcoin’s dominance could weaken if altcoins experience a significant rally. “A market rally toward $4 trillion may likely be driven by a massive surge in altcoins,” Lucas explained, noting that altcoin enthusiasm tends to rise alongside Bitcoin’s peak gains.

Crypto Market Now Outpacing Major Companies and Nations

The last time the crypto market cap approached such heights was in November 2021, shortly after Bitcoin reached its former all-time high of $69,000. However, the current rally has already pushed Bitcoin’s price to new highs, and the broader crypto market is now set to outsize the GDPs of entire countries.

CoinGecko, which tracks over 15,000 coins and more than 1,000 exchanges, reports that the $3.12 trillion valuation places the crypto market above Microsoft’s market cap and just shy of those of Nvidia and Apple.

The explosive growth has sparked debates within the financial community. Thielen anticipates select tokens on Solana to outperform, while expecting some of the big names from the 2020-2021 bull run to lag behind.

Meanwhile, Bitcoin’s price, currently trading around $89,000, seems poised to hit $90,000, a symbolic threshold that could pave the way for further gains.