The cryptocurrency market reached an unprecedented milestone on November 11, with its total market capitalization soaring to a record $3.12 trillion.
This marks a 7% surge within a single 24-hour period, driven primarily by Bitcoin’s rapid price increase to $89,500.
If the cryptocurrency market were considered a country, it would rank as the eighth largest economy by GDP, trailing only the United States, China, Germany, Japan, India, the United Kingdom, and France.
France’s GDP in 2024 is estimated to be $3.130 trillion in nominal terms.
UK’s projected GDP according to the International Monetary Fund is $3.59 trillion in 2024.
In comparison, Bitcoin’s market capitalization alone has surpassed $1.77 trillion, which is greater than Spain’s GDP, according to the IMF.
However, at 11:30 pm, GMT-5, BTC had stepped down to hover above $88,800.
The significant growth in the market underscores the increasingly influential role of digital assets in the global financial ecosystem.
Bitcoin surpasses silver and nears major tech giants
Bitcoin’s market cap jumped past $1.77 trillion, surpassing the value of silver, which is $1.736 trillion.
This achievement positions Bitcoin as the world’s eighth-largest asset, ranking behind only gold and tech powerhouses such as Nvidia, Apple, and Microsoft.
According to data from Google Finance, the broader crypto market cap now even surpasses that of Microsoft and is approaching that of Nvidia and Apple, the world’s most valuable companies.
The last time the total crypto market cap approached this magnitude was on November 15, 2021, when Bitcoin reached its then-record high of $69,000 during the 2020-2021 bull market.
Markus Thielen, founder of 10x Research, expects Bitcoin to maintain its dominance as the market progresses toward a potential $4 trillion valuation. He said,
We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana.
Bitcoin surge fuelled by institutional interest
The current surge in Bitcoin’s price has been fueled by a wave of institutional interest and the continued popularity of Bitcoin ETFs.
Bloomberg’s Senior ETF Analyst Eric Balchunas noted that BlackRock’s iShares Bitcoin Trust (IBIT) recorded an impressive $4.5 billion in trading volume.
Furthermore, the broader “Bitcoin industrial complex,” including Bitcoin ETFs, MicroStrategy, and Coinbase, hit a lifetime high of $38 billion in combined trading volume.
Commenting on Bitcoin’s climb, The Kobessi Letter stated,
The fact that gold is still 10 TIMES larger than Bitcoin is incredible. Not only does this show how big gold is, but it also shows how big Bitcoin can be.
Despite a remarkable year-to-date increase of over 100%, Bitcoin would need to multiply its market cap tenfold to match that of gold.
Crypto market cap could hit $10 trillion by 2026
The recent Bitcoin rally coincides with market optimism fueled by Trump’s election victory, which is anticipated to bring a more favorable regulatory environment for digital assets.
Standard Chartered highlighted that under a supportive administration, the total crypto market cap could swell to $10 trillion by 2026.
The bank also pointed out potential regulatory changes and shifts within the SEC that may benefit the sector.
Analysts project that if this positive sentiment holds, Bitcoin could surpass the $100,000 milestone by the end of 2024, having recently peaked at $89,500 and sitting within 14% of reaching six figures.
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