Journalist
Posted:
- The crypto market cap flipped that of France and briefly topped the UK.
- A $5-$10T crypto size could make it the third largest to China and U.S. GDPs.
The crypto market has seen massive growth in 2024, eclipsing some of the world’s wealthiest countries.
On the 9th of December, the crypto market cap hit a record high of $3.71 trillion, surpassing France’s GDP ($3.17 T) and briefly topping the UK’s total wealth ($3.58T).
As of this writing, the crypto market cap retraced slightly to $3.46T, just below the UK’s GDP.
Source: CoinMarketCap
Crypto market cap targets India, Japan
Top Asian countries could be the next target amid expected growth under the pro-crypto Donald Trump administration.
According to IMF estimates, India ($3.8T), Japan ($4T), and Germany ($4.7T) had GDPs that could be surpassed if crypto expanded to $5T.
Source: Wikipedia
In 2024, the crypto market doubled from $1.56T to $3.7T, driven by key catalysts like U.S. spot Bitcoin [BTC] ETFs and expectations from the pro-crypto Trump administration.
After the ETF approval in January, the market jumped to $2.7T. It climbed above $3T after Trump’s victory in the U.S. presidential elections.
With BTC’s dominance above 50% ($1.93T), the king coin has largely contributed to the crypto growth in the past months.
The king coin was up 130% YTD (year-to-date). Its growth has pushed it to the seventh-largest asset by market cap, just below Alphabet’s (Google’s parent company) size of $2.15T.
That said, Ripple’s Brad Garlinghouse projected that the overall crypto market could hit $5T by the end of 2024.
In November, Standard Chartered stated that the market could soar to $10T under the Trump administration. If the $5T-$10T target is hit, crypto’s market size would potentially be third to the U.S. and China.
