Crypto Market Hits $3.1 Trillion, Now World’s 8th Largest Economy

The crypto market has surged to a staggering $3.1 trillion, nearly matching France’s GDP. On November 12, Bitcoin led the charge, jumping nearly 25% in one week.

This makes the crypto market the eighth-largest economy worldwide, behind the economic powerhouses of the US, China, and Germany.

Bitcoin’s Central Role in the Crypto Surge

If cryptocurrencies were a country, their combined value would make them larger than most nations. When compared to the GDP of individual nations, the cryptocurrency market performs remarkably well.

According to the International Monetary Fund, it would rank inside the top ten, positioned between France ($3.17 trillion) and Italy ($2.38 trillion). Leading the way in the top three are the United States ($29.17 trillion), China ($18.27 trillion) and Germany ($4.71 trillion), respectively.

The best way to understand the significance of a figure like $3.1 trillion is to compare it to the value of other industries, assets, and investments. Take, for example, precious metals such as gold. Bitcoin, the most valuable cryptocurrency, has been dubbed “digital gold.”

Currently, physical gold has a market capitalization of $17.5 trillion, which is nearly six times larger than the entire crypto market and 10 times greater than Bitcoin’s market cap of $1.72 trillion. This is only natural, considering gold’s long history and wide range of uses. In the case of silver, the crypto market is almost double the size of the global silver market, which now stands at $1.71 trillion.

We are in the digital gold rush. It started in January 2024 and will run til 2034. 100k by New Year’s 300k in 2025. 10 million minimum by 2035. YOU ARE NOT BULLISH ENOUGH,” said one enthusiast on X.

The crypto market cap has surpassed Microsoft’s valuation and is closing in on companies like Nvidia and Apple. With Bitcoin nearing $90,000, analysts are split on whether Bitcoin can maintain its dominance or if altcoins will rise to the occasion. Despite the uncertainty, the current market trends point to continued growth, making the competition within the crypto space more intense.