The capitalization of the crypto market reaches unprecedented levels with 3.1 trillion dollars, now close to the GDP of France. This meteoric rise, driven by Bitcoin to nearly $90,000, is redrawing the contours of global finance and shaking up the traditional economic hierarchy.
Crypto market capitalization approaches French GDP
Yesterday, November 11, a dizzying rise of 7% in 24 hours shook the crypto market, mainly fueled by the exceptional performance of Bitcoin. The first crypto, which alone represents a capitalization of $1.77 trillion, now surpasses the GDP of countries like Spain, according to the latest IMF data.
This meteoric rise is reminiscent of the previous peak in November 2021, where the market briefly touched $3,000 billion. However, the current backdrop appears more robust, supported by growing institutional adoption and recent approval of Bitcoin ETFs in the United States.
The crypto market is now positioned ahead of technological giants like Microsoft in terms of capitalization, now approaching Nvidia and Apple, the two global tech behemoths.
Outlook and implications for the global economy
This spectacular climb positions the crypto sector as a major economic force. If the market were considered a country, it would rank eighth in the world in terms of GDP, just behind major economic powers like the United States, China and Japan.
Analysts remain divided on short-term developments. Markus Thielen, founder of 10x Research, anticipates continued Bitcoin dominance with a target of $100,000 before the end of the year. Conversely, Rachael Lucas of BTC Markets foresees a possible redistribution of forces towards altcoins, which could dilute Bitcoin's dominance.
This dynamic is part of a broader context of transformation in the global financial landscape, where cryptos are gradually establishing themselves as an essential asset class.
The imminent overtaking of French GDP by crypto capitalization would mark a major symbolic step, illustrating the growing maturity of this still young industry, but now impossible to ignore.
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