Crypto market cap hits $3.1T, may cross France's GDP.

This milestone brings the crypto market closer to France’s GDP, positioning it as the eighth-largest global economy by GDP. 

The only economies larger than the cryptocurrency market are those of the United States, China, Germany, Japan, India, the United Kingdom, and France.

Bitcoin, the dominant force in the market, played a significant role in driving this rise. The cryptocurrency’s price surged to $89,500, pushing its market capitalization above $1.77 trillion. 

This impressive valuation now places Bitcoin’s market cap higher than the GDP of Spain, according to the International Monetary Fund. This reflects the growing influence and adoption of cryptocurrency as an asset class.

The last time the total cryptocurrency market capitalization reached $3 trillion was on November 15, 2021, following Bitcoin’s previous all-time high of $69,000 during the 2020-2021 bull market. Since then, the cryptocurrency market has experienced both volatility and growth. 

As of now, the market capitalization of the entire crypto sector surpasses the valuation of tech giant Microsoft and is rapidly closing in on the valuations of Nvidia and Apple, which are currently the world’s two most valuable companies, according to Google Finance data.

Bitcoin's market cap has also surpassed the market value of silver once again, a key symbolic milestone in its ongoing rise. Crypto analyst Rachael Lucas from BTC Markets pointed out that a further surge toward a $4 trillion market capitalization would likely be fueled by a significant rally in altcoins. 

This would likely cause Bitcoin’s dominance in the market to decline, as the rise of altcoins often diversifies market capitalization across multiple assets. Some Solana-based tokens, in particular, may outperform the broader market, as suggested by other analysts such as Thielen. 

Meanwhile, high-performing tokens from the 2020-2021 bull cycle may underperform, as the market matures and investor preferences shift.

Bitcoin’s price, as of the latest data, is currently at $89,478, reflecting an 11% increase over the past 24 hours. It is now within striking distance of crossing the critical $90,000 mark, a significant psychological threshold for many traders and investors. The continued momentum in Bitcoin’s price, combined with the broader market growth, signals the potential for even greater valuations in the coming months, especially if the bullish trend persists and altcoins start to see further adoption and growth.