Bull Run Begins: Crypto Market Hits $3.1 Trillion Milestone as Bitcoin Nears $90,000

TLDR:

• Crypto market cap reached new all-time high of $3.12 trillion, approaching France’s GDP
• Bitcoin price surged to $89,500, with market cap over $1.77 trillion
• Crypto market cap now exceeds Microsoft’s value, nearing Nvidia and Apple
• Standard Chartered predicts $10 trillion crypto market cap by 2026 under potential Trump administration
• Bank forecasts Bitcoin at $200,000 and Ethereum at $10,000 by end of 2025

The cryptocurrency market has reached a total market capitalization of $3.12 trillion on November 11, 2024. This valuation places the crypto market on par with the world’s largest economies, approaching France’s gross domestic product (GDP) and surpassing the market value of technology giant Microsoft.

Bitcoin, the leading cryptocurrency, spearheaded the market’s growth by climbing to $89,500, resulting in its own market capitalization exceeding $1.77 trillion. This figure alone surpasses Spain’s GDP, according to data from the International Monetary Fund. The digital currency’s price surge represents an 11% increase over 24 hours.

The total cryptocurrency market has not seen these levels since November 15, 2021, when Bitcoin reached its previous peak of $69,000. CoinGecko, which monitors 15,129 coins across 1,149 exchanges, confirms this historical comparison.

The scale of the crypto market’s growth becomes apparent when compared to traditional financial benchmarks. If the cryptocurrency market were ranked among nations by GDP, it would currently stand as the eighth-largest economy globally, trailing only the United States, China, Germany, Japan, India, the United Kingdom, and France.

In the corporate sphere, the crypto market’s $3.12 trillion valuation has exceeded Microsoft’s market cap and is approaching the valuations of Nvidia and Apple, which currently hold positions as the world’s two most valuable companies.

Markus Thielen, founder of 10x Research, expects Bitcoin’s market dominance to remain strong as the overall crypto market moves toward $4 trillion. Thielen projects Bitcoin to reach $100,000 before the end of the year, which would push its market capitalization to nearly $2 trillion.

However, not all analysts share this outlook. Rachael Lucas from BTC Markets suggests that a push toward $4 trillion in total market value might be driven by a surge in alternative cryptocurrencies, potentially reducing Bitcoin’s market dominance.

Standard Chartered Bank has released an even more optimistic forecast, suggesting the crypto market could expand to $10 trillion by the end of 2026. This projection is partly based on potential positive regulatory changes under a possible Republican administration following the upcoming U.S. elections.

The bank’s analysis includes specific price targets for major cryptocurrencies, predicting Bitcoin could reach $200,000 and Ethereum $10,000 by the end of 2025. They also expect Solana to outperform both of these leading cryptocurrencies.

The current rally has positioned Bitcoin’s market capitalization above that of silver, marking another milestone in the digital asset’s growing influence in global financial markets.

Standard Chartered’s head of digital assets research, Geoff Kendrick, notes several potential catalysts for future growth, including regulatory changes and possible shifts in SEC leadership that could lead to a more favorable stance on digital assets.

The bank’s report also mentions the possibility of a bitcoin reserve being established under a new administration, though this is described as a “low-probability but high-impact event.”

Trading volumes across major exchanges have increased substantially, indicating broad participation in the market’s upward movement. This surge in activity suggests growing institutional and retail investor interest in the cryptocurrency sector.

The market’s growth has occurred despite ongoing regulatory discussions in various jurisdictions, demonstrating the resilience of digital assets as an emerging asset class.

Recent data shows increased adoption of cryptocurrencies across different sectors, from traditional finance to retail payments, contributing to the overall market expansion.