Experiencing a notable upturn, the overall global crypto market capitalization rose to $3.02 trillion following Bitcoin’s latest all-time high. Notably, data from CoinMarketCap indicated a 9.54% increase within the last 24 hours.
All of the top 15 cryptocurrencies witnessed growth during this period, leading to an impressive bullish phase within the sector.
Approaching France’s Economic Standing
In a fascinating development, the digital market’s value now stands close to France’s GDP, which positions as the world’s 7th largest economy. Reportedly, France’s GDP is estimated at around $3.17 trillion. It’s worth mentioning that Bitcoin [BTC] played a significant role in this progress, contributing $1.75 trillion to the total market cap due to its remarkable price surge.
Other notable contributors include Ethereum [ETH] with $408.6 billion, Tether [USDT] at $124.1 billion, and Solana [SOL] at $103.6 billion.
Bitcoin’s Breakthroughs – Catalysts Behind the Upward Trend
Although Bitcoin’s surge is noteworthy, it raises the question of whether this is solely attributable to the U.S. election anticipation or if other underlying factors are at play.
During a discussion with Fox Business, Professional Capital Management CEO Anthony Pompliano shed light on this matter. He emphasized Bitcoin’s dominance, stating, “Bitcoin stands as the leader, and Wall Street is interested in aligning investments with the dominant player.”
Pompliano suggested that surpassing the $80,000 mark, an all-time high adjusted for inflation, has piqued investor interest. Moreover, the expansion of Bitcoin ETFs has attracted a fresh wave of funds, creating a demand that was absent in 2021.
The CEO also anticipates Bitcoin’s continued upward trajectory until the end of the year, fueled by a significant influx of new investors.
The Increasing Economic Significance of Bitcoin
It’s not just institutions that are taking notice of Bitcoin’s value. In a recent CNBC interview, R360’s Managing Partner, Barbara Goodstein, discussed the potential impact of potential changes under Donald Trump’s administration on Bitcoin’s role within national reserves.
Goodstein suggested that Bitcoin could emerge as a strategic reserve asset, particularly if the U.S. under the Republicans holds over 1 million Bitcoins, a substantial endorsement of Bitcoin’s economic significance.
The Path Towards a $10 Trillion Crypto Market Cap
As Bitcoin leads the charge and the crypto market expands, experts are looking towards even more significant milestones. Standard Chartered recently projected that under Trump’s leadership, the crypto market cap could reach an impressive $10 trillion by 2026.
The bank believes that potential regulatory changes and adjustments within the SEC could pave the way for a more favorable environment for digital assets, attracting further institutional investments.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, conveyed optimism about the crypto market’s future, stating, “The anticipated growth is expected to benefit all digital assets, especially those with significant end-use cases.”
This optimistic forecast highlights the increasing momentum and credibility of cryptocurrencies, particularly as they move closer to becoming essential elements on the global economic stage.