Key Points
- The crypto market cap reached $3.71 trillion in December 2024, surpassing the GDPs of France and the UK.
- Forecasts suggest the crypto market could expand to $5-$10 trillion, potentially making it the third largest to China and U.S. GDPs.
The crypto market has displayed significant growth in 2024, outpacing the wealth of some of the globe’s richest nations.
On the 9th of December, the crypto market cap achieved a record $3.71 trillion, exceeding France’s GDP ($3.17 T) and momentarily surpassing the UK’s total wealth ($3.58T).
Future Targets
The crypto market cap could next aim for the GDPs of top Asian countries, given the anticipated growth under the pro-crypto administration of Donald Trump.
Based on IMF estimates, the GDPs of India ($3.8T), Japan ($4T), and Germany ($4.7T) could be overtaken if the crypto market expands to $5T.
In 2024, the crypto market doubled from $1.56T to $3.7T, propelled by significant factors such as U.S. spot Bitcoin (BTC) ETFs and expectations from the pro-crypto Trump administration.
Bitcoin’s Influence
With Bitcoin’s dominance above 50% ($1.93T), the leading coin has significantly contributed to the crypto growth in recent months.
The leading coin has seen a 130% YTD (year-to-date) increase. This surge has propelled it to the seventh-largest asset by market cap, just below Alphabet’s (Google’s parent company) size of $2.15T.
Brad Garlinghouse of Ripple has projected that the overall crypto market could reach $5T by the end of 2024.
In November, Standard Chartered suggested that the market could surge to $10T under the Trump administration. If the $5T-$10T target is achieved, the crypto market size could potentially be the third largest, following the U.S. and China.