Thanks to the bullish momentum of the last few weeks, the Total market cap of the crypto industry has reached 3.67 trillion dollars, surpassing the entire GDP of France and the United Kingdom.

Overall in 2024, 2 trillion dollars entered the crypto market, with more than half of it since the beginning of November.

Let’s see all the details below.

The crypto sector continues to grow: the Total market cap surpasses the GDP of France and the United Kingdom

Last week the Total market cap of the crypto sector reached for the first time 3.670 trillion dollars, marking a significant milestone.

Driven by the success of the cryptographic ETF and the recent victory of Donald Trump in the USA elections, the capitalization has increased rapidly in the last year.

Consider that in January 2024 all the financial holdings of the market were worth a total of just 1,500 billion dollars.

This means that in less than a year, over 2,000 billion dollars have been added in terms of market cap, recording a growth of 142%.

In any case, the most curious thing is that only from November 4, the metric has risen by 1.480 billion dollars, for a positive change of 67%.

In the last few weeks, thanks to the positive price action of crypto assets, the all-time highs of 2021, situated at 3 trillion dollars, have been surpassed.

If the value of the crypto market were to be compared to the gross domestic product (PIL), we could today state that we have surpassed France and United Kingdom.

According to the data from the International Monetary Fund, the two Nations boast an aggregate value of goods and services amounting to 3.17 and 3.59 billion dollars, respectively.

At the moment only India, Japan, Germany, China, and the United States produce in a year more value than what is stored in crypto coins.

To surpass the next target, which is India, it takes “only” another 380 billion dollars: it would be enough for Bitcoin to grow by about 15% in the market.

Japan and Germany are also a snap of the fingers away from current values, while China and the United States will probably not be reached in this bull run.

If Bitcoin were a company, it would be sixth in the world by market cap

Although it can be very interesting, comparing the marketcap of crypto to the GDP of entire Nations is not the best comparison one can make.

On one hand, the overall value of the shares in circulation of a set of assets is considered, on the other hand, the value produced in terms of goods and services by a State.

It would be more correct to highlight the capitalization of crypto against the economic reserves of a country like France and the United Kingdom.

To give an example, the UK net worth is 15.290 billion dollars, which is over 4 times its own GDP.

Even more intellectually honest to directly compare the market cap of crypto with that of other assets, such as stocks and gold.

Bitcoin at this moment is the 7th asset in the world by market capitalization, with a total value measured at 1.970 trillion dollars.

If the price growth were to continue in the coming months as for 2024, we could expect the orange currency to approach the top3 stocks Apple, Nnvidia and Microsoft.

To get just behind the shoulders of gold, an exchange price for Bitcoin of 180,000 dollars per unit would be needed

To surpass gold, we should instead wait for approximately 900,000 dollars per BTC, a figure that will most likely not be reached in this bull market.

It is worth highlighting how if we could consider the entire crypto industry as a single asset, it would now be positioned in 3rd place in the ranking of the richest assets of all time.

Very curious to note also that the market cap of the cryptocurrency industry last week had reached the same capitalization as Apple.

Source: https://companiesmarketcap.com/assets-by-market-cap/#google_vignette

Crypto market slightly down today

Despite the optimism of last week, today the crypto market opened with slightly declining prices.

In the last few hours, approximately 120 billion dollars in market cap have evaporated, bringing the overall value back to 3.5 trillion dollars.

After the bearish flush of Thursday, December 5, in which a lot of FOMO was liquidated, here come the first signs of a potential deeper retracement.

BTC has once again fallen below 100,000 dollars while ETH has even dropped below 3,900 dollars after attempting to outperform the king in the previous session.

It will be very important to see if other capitals will exit the crypto sector in the coming days or if there will be a recovery.

In case of a return above the EMA 50, we could comfortably label this weakness as a normal dip in the bull market phase.

Instead, in the hypothesis of a break of the 3.400 billion dollar mark, one could also consider the beginning of a more prolonged correction phase.

It is still too early to draw conclusions: let’s see how prices move this week to start formulating the first hypotheses.

Subsequently, we should also find confirmations of the assertions that will arise from them.

At this moment we remain bullish until proven otherwise.