The cryptocurrency market capitalization has reached a new record of $3.12 trillion, nearing the size of France’s gross domestic product (GDP).

On Nov. 11, the total crypto market cap surged by 7% in 24 hours, driven primarily by Bitcoin, which climbed to $89,500.

If considered a country, the crypto market would rank as the eighth-largest in GDP terms, just behind the United States, China, Germany, Japan, India, the United Kingdom, and France.

Bitcoin's individual market cap has now surpassed $1.77 trillion, making it larger than Spain’s GDP, according to data from the International Monetary Fund.

The last time the total crypto market cap was at $3 trillion was on Nov. 15, 2021, shortly after Bitcoin reached its previous all-time high of $69,000 during the 2020-2021 bull market, as tracked by CoinGecko, which monitors 15,129 coins across 1,149 crypto exchanges.

The crypto market cap is now bigger than tech giant Microsoft’s and is closing in on Nvidia and Apple, the world's two most valuable companies, according to Google Finance data.

Additionally, the recent rally in Bitcoin's price has pushed its market cap above that of silver once again.

Markus Thielen, founder of 10x Research, told Cointelegraph that he expects Bitcoin dominance to “remain strong” as the crypto market heads toward $4 trillion.

“We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana,” Thielen said. He added, “We firmly expect Bitcoin to reach $100,000 before year-end.”

If Bitcoin reaches $100,000, its market cap would approach $2 trillion.

Rachael Lucas, a crypto analyst at BTC Markets, suggested that a rally toward $4 trillion in the crypto market would likely be fueled by a “massive surge in altcoins,” which could reduce Bitcoin’s dominance.

Thielen also noted that certain Solana-based tokens may outperform, while some top-performing coins from the 2020-2021 bull market could underperform.

Currently, Bitcoin is priced at $89,478, up 11% in the past 24 hours and nearing the $90,000 milestone.

Sources:

https://cointelegraph.com/news/crypto-market-cap-soars-new-all-time-high

https://www.imf.org/external/datamapper/NGDPD@WEO/OEMDC/ADVEC/WEOWORLD

https://www.coingecko.com/en/global-charts

https://www.google.com/finance/quote/MSFT:NASDAQ

https://www.google.com/finance/quote/NVDA:NASDAQ

https://www.google.com/finance/quote/AAPL:NASDAQ

https://companiesmarketcap.com/usd/assets-by-market-cap/