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Crypto market cap reaches new $3.1 trillion high

Crypto market cap reaches new $3.1 trillion high

GrafaGrafa2024/11/12 11:00
By:Mahathir Bayena

The cryptocurrency market has reached a significant milestone, with its total market capitalization climbing to $3.12 trillion as of November 11.

This surge, a 7% increase over 24 hours, was driven by Bitcoin's (CRYPTO:BTC) price rally, which reached $89,500.

If the global crypto market were a country, it would be the eighth-largest economy in terms of GDP, trailing only the United States, China, Germany, Japan, India, the United Kingdom, and France.

Bitcoin's current market cap has risen above $1.77 trillion, surpassing Spain's GDP, based on data from the International Monetary Fund.

The last time the total market cap crossed the $3 trillion mark was in November 2021 when Bitcoin peaked at an all-time high of $69,000, according to CoinGecko, which monitors over 15,000 cryptocurrencies from more than 1,100 exchanges.

The cryptocurrency market's current valuation now exceeds that of major tech companies like Microsoft and is approaching the market caps of Apple and Nvidia, according to Google Finance data.

Additionally, Bitcoin’s latest price increase has pushed its market cap above that of silver once more.

Markus Thielen, founder of 10x Research, stated, “We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana.”

Thielen projected that Bitcoin could reach $100,000 before the year ends, which would elevate its market capitalization close to $2 trillion.

Conversely, crypto analyst Rachael Lucas noted that future market growth could be driven by a substantial rise in altcoins, potentially impacting Bitcoin’s overall dominance.

Thielen added that some Solana-based tokens might outperform the market, while certain high-performers from the last bull cycle could underperform.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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