Journalist
Posted:
- The crypto market capitalization reversed that of France and briefly topped the United Kingdom.
- With a crypto size of $5-$10 trillion, it could become the third largest GDP of China and the US.
The crypto The market has experienced tremendous growth in 2024, eclipsing some of the richest countries in the world.
On December 9, the crypto market cap reached an all-time high of $3.71 trillion, surpassing France’s GDP ($3.17 trillion) and briefly surpassing Britain’s total wealth ($3.58 trillion).
At the time of writing, the cryptocurrency market cap has fallen slightly to $3.46 trillion, just below the UK’s GDP.
Source: CoinMarketCap
Crypto market cap focuses on India, Japan
Key Asian countries could be the next targets amid expected growth under the pro-crypto administration Donald Trump.
According to IMF estimates, India ($3.8 billion), Japan ($4 billion), and Germany ($4.7 billion) had GDPs that could be surpassed if crypto expanded to $5 billion.
Source: Wikipedia
In 2024, the crypto market doubled from $1.56 trillion to $3.7 trillion, driven by key catalysts such as the US spot market. Bitcoin [BTC] ETFs and expectations of the pro-crypto Trump administration.
After the ETF’s approval in January, the market soared to $2.7 trillion. It climbed above $3 billion after Trump’s victory in the US presidential election.
With BTC dominance above 50% ($1.93 trillion), the king coin has largely contributed to crypto growth in recent months.
The King Coin rose 130% YTD (year-to-date). Its growth has taken it to seventh place in market capitalization, just below Alphabet’s (Google’s parent company) size of $2.15 trillion.
That said, Ripple’s Brad Garlinghouse projected that the total crypto market could reach $5 trillion by the end of 2024.
In November, Standard Chartered said the market could soar to $10 billion under the Trump administration. If the target of $5 trillion to $10 trillion is reached, crypto’s market size could potentially rank third behind that of the US and China.