If the cryptocurrency market were a country, it would be the world's eighth-largest economy by GDP, behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
The cryptocurrency market capitalization has reached a historic high of $3.12 trillion, now approaching France's gross domestic product (GDP).
On November 11, the total cryptocurrency market value surged 7% in 24 hours, mainly due to Bitcoin suddenly soaring to $89,500.
If the cryptocurrency market were a country, it would be the eighth-largest economy by GDP, behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
Meanwhile, according to data from the International Monetary Fund, the market capitalization of Bitcoin alone has exceeded $1.77 trillion, surpassing Spain's GDP.
According to CoinGecko, the last time the total cryptocurrency market value reached $3 trillion was on November 15, 2021, when Bitcoin reached a new all-time high of $69,000 during the 2020-2021 bull market. CoinGecko tracks 15,129 tokens across 1,149 cryptocurrency exchanges.
Changes in the cryptocurrency market capitalization over the past month. Source: CoinGecko
Google Finance data shows that the cryptocurrency market capitalization has now surpassed tech giant Microsoft and is approaching the two most valuable companies globally, Nvidia and Apple.
On November 11, the rise in Bitcoin price also caused its market capitalization to surpass that of silver once again.
Markus Thielen, founder of 10x Research, told Cointelegraph in an interview that as the cryptocurrency market value approaches $4 trillion, Bitcoin's dominance is expected to "remain strong".
"We expect Bitcoin's dominance to remain strong, with the current rally mainly focused on Bitcoin and extending to Ethereum and Solana."
"We firmly expect Bitcoin to reach $100,000 by the end of the year."
If Bitcoin's price reaches $100,000, its market capitalization would reach nearly $2 trillion.
Thielen also believes that some Solana-based tokens will outperform the broader market and expects many high-performing tokens from the 2020-2021 bull market cycle to underperform.
Bitcoin's current price is $89,478 - up 11% in the last 24 hours, just a step away from breaking the $90,000 mark.
