The cryptocurrency market has recently achieved a significant milestone, reaching a staggering market capitalization of $3.12 trillion. If it were considered a nation, it would rank as the eighth largest globally in terms of GDP, trailing behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
As of November 11, the overall crypto market value surged by 7% within just 24 hours, primarily driven by a remarkable rise in Bitcoin, which jumped to $89,500.
In addition to the overall market growth, Bitcoin's individual market capitalization now exceeds $1.77 trillion, surpassing the GDP of Spain according to data from the International Monetary Fund. The last time the total crypto market capitalization reached the $3 trillion mark was on November 15, 2021, shortly after Bitcoin had peaked at its previous all-time high of $69,000 during the 2020-2021 bull run. This data is provided by CoinGecko, which tracks over 15,000 digital currencies across nearly 1,150 exchanges.
At present, the total market capitalization of cryptocurrencies has surpassed that of tech giant Microsoft, and it is rapidly approaching the valuations of Nvidia and Apple, which are the two most valuable companies globally, as per Google Finance data.
This recent Bitcoin price rally has also resulted in its market capitalization exceeding that of silver once again as of November 11.
Markus Thielen, founder of 10x Research, shared his insights with Cointelegraph, stating that he anticipates Bitcoin's dominance in the market will remain formidable as the total crypto market cap inches closer to the $4 trillion threshold. “We expect Bitcoin’s dominance to hold strong, with the current market rally predominantly focused on Bitcoin, but also extending to Ethereum and Solana," he noted.
Thielen confidently predicted a Bitcoin price of $100,000 by the end of the year, which would elevate its market capitalization to nearly $2 trillion.
However, not all analysts share Thielen's outlook. Rachael Lucas, a cryptocurrency analyst at BTC Markets, suggested to Cointelegraph that a potential rally toward a $4 trillion market capitalization would likely stem from a significant upswing in altcoins, likely reducing Bitcoin's overall dominance during that period.
Thielen also mentioned that while some Solana-based tokens may outperform the overall market, many assets that excelled during the 2020-2021 bull cycle could underperform in the current climate.
Currently, Bitcoin is valued at $89,478, marking an 11% increase over the past 24 hours and positioning it just below the $90,000 milestone.
This bullish sentiment hints at an exciting time ahead for the cryptocurrency market, as investors and analysts continue to monitor price movements and market dynamics.
