Crypto market cap hits $3.1T high, could soon surpass France’s GDP

Crypto market capitalization has reached a new all-time high of $3.12 trillion — and is now close to surpassing France’s gross domestic product (GDP). 

On Nov. 11, total crypto market capitalization soared 7% over 24 hours, due mainly to a sudden surge in Bitcoin, which rallied to $89,500. 

If the crypto market were a country, it would be the eighth largest in GDP terms behind the United States, China, Germany, Japan, India, the United Kingdom and France.

Meanwhile, Bitcoin’s market cap alone is now over $1.77 trillion — larger than Spain’s GDP,

Speaking to Cointelegraph, founder of 10x Research Markus Thielen expects Bitcoin dominance to “remain strong” as the crypto market cap moves toward $4 trillion.

Related: Bitcoin price will hit $1M, but at what cost? — Michaël van de Poppe

“We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana.”

“We firmly expect Bitcoin to reach $100,000 before year-end.”

A Bitcoin price tag of $100,000 would take its market cap to nearly $2 trillion.

Thielen also believes a few Solana-based tokens to outperform the market and expects many high-performers from the 2020-2021 bull cycle may underperform.

Bitcoin is currently priced at $89,478 — up 11% over 24 hours and within striking distance of crossing the $90,000 mark.

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