The cryptocurrency market has reached a new milestone, hitting a market cap of $3.12 trillion, edging towards surpassing many tech giants. This surge, largely pushed via Bitcoin’s explosive rally, marks a significant second for the digital asset space.
On November 11, Bitcoin soared to $89,500, pushing the complete crypto market up with the aid of 7% in just 24 hours. If the crypto market had been considered a country, it would now rank as the 8th biggest globally in terms of GDP, just at the back of the USA, China, Germany, Japan, India, the United Kingdom, and France.
Source: CoinMarketCap
Bitcoin, which alone now holds a market cap of over $1.77 trillion, is larger than the GDP of Spain, consistent with the International Monetary Fund. This surge mirrors the crypto boom of late 2021 when the market briefly reached a similar high after Bitcoin’s preceding all-time high of $69,000.
The crypto market cap is now larger than tech giants like Microsoft and is speedy, drawing close to the valuations of Nvidia and Apple, the 2 maximum treasured organizations in the world. Bitcoin’s today’s rally has also driven its market cap above that of silver yet again .
Experts are predicting further growth for Bitcoin, with 10x Research founder Markus Thielen forecasting an upward thrust to $100,000 using the give-up of the year. If this takes place, Bitcoin’s market cap should reach almost $2 trillion.
However, some analysts, like Rachael Lucas from BTC Markets, trust that the next crypto rally toward a $4 trillion market cap may be pushed with the aid of a large upward thrust in altcoins, potentially reducing Bitcoin’s dominance.
As Bitcoin continues to lead the price, other virtual currencies, such as Ethereum and Solana, are expected to comply with the upward trend. With Bitcoin at $89,478—up eleven% in just 24 hours—the crypto market’s boom indicates no signs of slowing down, with the $90,000 point now.
