Cryptocurrency market size reaches record $3.12 trillion
The cryptocurrency market hit another all-time high, with a market capitalization of $3.12 trillion. This huge sum, which may be equivalent to the gross domestic product of France, is another watershed moment in the fast-growing digital asset market. BitcoinThe share price soared to $89,500, a major factor in the 7% increase in its market capitalization in just one day. With this growth, the global cryptocurrency market will exceed the GDP of many countries and become the eighth largest economy in the world.
Source: CoinGecko
Bitcoin’s market valuation is $1.77 trillion, which is now greater than Spain’s GDP. This achievement demonstrates the power of the world’s most famous cryptocurrency. Given Bitcoin’s current momentum in the market, it is likely to remain the most important cryptocurrency for some time to come.
The total value of the cryptocurrency market exceeds $3 trillion, surpassing Microsoft, a major player in the technology industry, and is currently catching up with the value of companies such as Apple and Nvidia. Globally, these businesses are considered the most valuable. In contrast, investors are more interested in virtual currencies than traditional technology stocks, highlighting the changing environment for valuable assets. According to statistics from Google Finance, the size of the crypto industry is quickly catching up with these large companies, indicating that a new era of financial expansion driven by digital currencies has arrived.
On November 11, Bitcoin’s total market capitalization surpassed that of silver due to the recent price surge. As an alternative store of value that appeals to those looking to protect themselves from economic uncertainty, digital currencies often face competition from precious metals. Bitcoin is establishing itself as a long-term investment and its impact on wealth preservation is growing as its price approaches $90,000. This is especially true as more investors look for alternatives to traditional value holders.
Markus Thielen, chairman and CEO of 10x Research, believes that Bitcoin’s power will continue to remain strong as the total value of the crypto industry approaches $4 trillion. Thielen said Bitcoin is the focus of the current craze, but growth is also spreading to other important currencies such as Ethereum and Solana. He believes that at a price of US$100,000, Bitcoin’s market value may reach US$2 trillion, significantly enhancing its status on the global financial stage.
Whether Bitcoin will eventually dominate the market is a topic of debate among analysts. Rachael Lucas, a cryptocurrency analyst at BTC Markets, believes that the surge in altcoins could push cryptocurrency production to over $4 trillion, thereby reducing Bitcoin’s market capitalization. Lucas claimed that the rise of smaller altcoins could change market power dynamics and bring more diversity to the top assets in the crypto space.
Thielen said that in addition to Bitcoin and Ethereum, some Solana-based tokens also have the potential to outperform the overall market. While many of the great assets in the 2020-2021 bull cycle may struggle to maintain velocity, the emergence of innovative cryptocurrencies may diversify the selection of high-performing assets. Solana’s speed and versatility sparked interest from developers and investors looking for alternatives to large-scale cryptocurrencies, leading to the creation of several projects.
Bitcoin rose 11% to $89,478 in the last day and is currently just below the $90,000 mark. The steady rise in price further cements Bitcoin’s status as a top digital asset and raises expectations for its next major milestone. As Bitcoin’s market cap approaches $2 trillion, Bitcoin’s importance continues to grow as a resource that may become valuable over time. Emerging currencies and altcoins are helping the crypto industry grow and mature, while the overall market is showing signs of diversification.
