The crypto market just hit a milestone that’s hard to ignore: a total market cap of $3.12 trillion, up 7% in just 24 hours. If the crypto market were a country, it would be just behind the United States, China and Germany in terms of GDP, or even close to surpassing the economic output of France. Since November 11, Bitcoin (BTC-USD) led the charge, rallying to nearly $90,000, pushing its own market capitalization to more than $1.77 trillion, surpassing the GDP of Spain, according to the International Monetary Fund.
Bitcoin Rise Could Push Market to $4 Trillion
Bitcoin is not slowing down. With the current surge, analysts like Markus Thielen of 10x Research are betting that Bitcoin will hit $100,000 before the end of the year, potentially propelling its market cap to nearly $2 trillion. Thielen expects Bitcoin’s dominance to remain strong, even as Ethereum and Solana show signs of catching up. “We expect Bitcoin dominance to remain strong,” Thielen said, adding that the rally would eventually spread to other altcoins.
Debate on Altcoins and Market Dominance
But not everyone shares Thielen’s optimism about Bitcoin’s lasting dominance. Rachael Lucas, crypto analyst at BTC Markets, believes that a broader market rally towards $4 trillion could spark an altcoin boom, weakening Bitcoin’s hold on the market.
At the time of writing, Bitcoin stands at $87,077.36.
