The Crypto Market Cap Surpasses GDP of France and UK – India and Japan on the Radar Next
The cryptocurrency market has experienced remarkable expansion in 2024, outpacing the economies of some of the world’s wealthiest nations.
On December 9th, the crypto market cap reached an all-time high of $3.71 trillion, exceeding the GDP of France ($3.17 T) and briefly surpassing the total wealth of the UK ($3.58T).
Currently, the crypto market cap has slightly retraced to $3.46T as of the latest update, just below the UK’s GDP.
Focus Shifts to India and Japan in the Crypto Market Cap Pursuit
Potentially, top Asian countries could become the next focal point for growth, especially with the anticipated advancements under the pro-crypto leadership of Donald Trump.
According to projections from the IMF, India ($3.8T), Japan ($4T), and Germany ($4.7T) could see their GDPs overtaken if the cryptocurrency market expands to $5T.
In 2024, the crypto market more than doubled from $1.56T to $3.7T, driven by significant factors such as the introduction of U.S. spot Bitcoin [BTC] ETFs and positivity surrounding the pro-crypto Trump administration.
Following the approval of ETFs in January, the market surged to $2.7T, and it breached the $3T milestone after Trump’s triumph in the U.S. presidential elections.
Bitcoin’s dominance remaining above 50% ($1.93T) has played a significant role in the recent months’ crypto growth.
The leading cryptocurrency registered a 130% year-to-date increase, positioning it as the seventh-largest asset by market cap, just below the size of Alphabet (the parent company of Google) at $2.15T.
In a forward-looking statement, Ripple’s Brad Garlinghouse predicted that the overall cryptocurrency market could reach $5T by the end of 2024.
In a report from November, Standard Chartered put forth the possibility of the market escalating to $10T during the Trump administration’s tenure. Should the market achieve the $5T-$10T threshold, its size would conceivably rank third globally, trailing only the U.S. and China.