- Cryptography market capitalization peaked at a high last seen in November 2021
- Standard Chartered predicts a $10 trillion milestone by 2026
In a remarkable rebound, the global crypto market cap rose to $3.02 trillion thanks to Bitcoin’s latest ATH. In fact, according to CoinMarketCapthe figures for this increased by 9.54% in the last 24 hours.
With all the top 15 cryptocurrencies posting gains in the aforementioned period, the sector has undergone a remarkable bull run.
Crypto Market Cap Approaches France
Interestingly, the digital economy is now moving closer to a valuation comparable to that of the seventh largest economy in the world—France. According to Forbes, France’s GDP is approximately $3.17 trillion. Here it is worth noting that Bitcoin [BTC] led this charge, contributing $1.75 trillion to the market cap, thanks to the price increase.
Other major contributors included Ethereum [ETH] for $408.6 billion, Tether [USDT] at $124.1 billion, and Solana [SOL] at $103.6 billion.
Bitcoin Breaks Barriers – What’s Driving the Rally?
While BTC’s rise is impressive, it also begs a question: is it just US election buzz, or is there something deeper going on?
In one conversation with Fox Business, Professional Capital Management CEO Anthony Pompliano shed light on the matter. He emphasized Bitcoin’s dominance by saying:
“Bitcoin is the king and Wall Street wants to put its money with the king.”
Pompliano claimed that crossing the $80,000 mark, an inflation-adjusted ATH, has fueled investor interest. Additionally, the director noted that Bitcoin ETFs are attracting a new wave of capital, creating demand that was not present in 2021.
He also expects Bitcoin to maintain strong upward momentum through the end of the year, fueled by a robust influx of new buyers.
Bitcoin’s growing economic demand
Institutions aren’t the only ones keeping an eye on Bitcoin’s value. In a recent one interview with CNBC, Barbara Goodstein, Managing Partner at R360, highlighted the impact of Donald Trump’s victory on Bitcoin’s role in national reserves. Goodstein noted:
“We think Bitcoin could become the next strategic reserve asset.”
Currently, the US owns about 232,000 Bitcoins, but she suggested that this number could exceed 1 million under Republican influence. This would mean a wholesale endorsement of Bitcoin’s role in the economy.
The path of the crypto market cap to $10 trillion
As Bitcoin recovers and the crypto market expands, experts are looking forward to even bigger milestones. In fact one According to Standard Chartered’s recent forecast, Trump’s presidency could push the crypto market cap to an astonishing $10 trillion by 2026.
The bank believes that regulatory changes and potential shifts within the SEC could lead to a friendlier attitude toward digital assets, opening doors for further institutional investments.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, highlighted the positive outlook, saying:
“The rising tide should lift all digital assets; those most exposed to end-use cases will benefit the most.”
This bullish forecast is a sign of the growing momentum and legitimacy of cryptocurrencies. Especially as they inch closer to becoming vital assets on the world stage.