Crypto market cap nears France’s GDP after Bitcoin leads $3 trillion rally

• Crypto market cap peaked at highs last seen back in November 2021
• Standard Chartered forecasts a $10 trillion milestone by 2026

In a remarkable upswing, the global crypto market cap soared to $3.02 trillion on the back of Bitcoin’s latest ATH. In fact, according to CoinMarketCap, figures for the same rose by 9.54% in the last 24 hours. 

With all top 15 cryptocurrencies recording gains over the aforementioned period, the sector has been undergoing a remarkable bull run.

Crypto market cap closes in on France

Interestingly, the digital economy is now closer to a valuation comparable to the 7th largest economy in the world—France. According to Forbes, France’s GDP sits at approximately $3.17 trillion. Here it is worth noting that Bitcoin [BTC] led this charge, contributing $1.75 trillion to the market cap, thanks to its price surge.

Other major contributors included Ethereum [ETH] at $408.6 billion, Tether [USDT] at $124.1 billion, and Solana [SOL] at $103.6 billion.

Bitcoin breaks barriers – What’s powering the rally?

While BTC’s hike is impressive, it also raises a question – Is it just the U.S. election buzz, or is something deeper at play? 

In a conversation with Fox Business, CEO of Professional Capital Management Anthony Pompliano shed light on the matter. He highlighted Bitcoin’s dominance, saying, 

“Bitcoin is the king and Wall Street wants to put their money with the king.”

Pompliano claimed that crossing the $80,000-mark, an inflation-adjusted ATH, has ignited investor interest. Additionally, the exec noted that Bitcoin ETFs are drawing in a fresh wave of capital – Creating demand that wasn’t present in 2021. 

He is also expecting Bitcoin to maintain strong upward momentum through the end of the year, fueled by a robust influx of new buyers.

Bitcoin’s growing economic demand

Institutions aren’t the only ones eyeing Bitcoin’s value. In a recent interview with CNBC, Barbara Goodstein, Managing Partner at R360, highlighted the impact of Donald Trump’s victory on Bitcoin’s role in national reserves. Goodstein remarked, 

“We think Bitcoin could become the next strategic reserve asset.”

Currently, the U.S holds around 232,000 Bitcoin, but she suggested that under the Republican’s influence, this number could exceed 1 million. This would mean a massive endorsement of Bitcoin’s role in the economy.

Crypto market cap’s path to $10T

As Bitcoin rallies and the crypto market expands, experts are looking ahead to even bigger milestones. In fact, a recent forecast from Standard Chartered envisioned that Trump’s presidency could push the crypto market cap to an astounding $10 trillion by 2026. 

The bank believes regulatory adjustments and potential shifts within the SEC could foster a friendlier stance on digital assets, opening doors for further institutional investment.

Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, highlighted the positive outlook, stating, 

“The rising tide should lift all digital assets; those most exposed to end-use cases are set to benefit most.” 

This bullish forecast is a sign of the growing momentum and legitimacy of cryptocurrencies. Especially as they inch closer to becoming essential assets on the global stage.