Canada’s GDP Beaten Out By Crypto Market’s Total Market Cap

The crypto space, upon its recovery of the most recent “healthy correction” the space experienced. With Bitcoin, Ethereum, and the veritable deluge of DeFi tokens all gaining massively in value, the crypto space now boasts a market cap of around $1.73 trillion. With this market cap, the crypto space in its entirety has successfully overtaken Canada when compared to its GDP.

Crypto Beating the 9th Largest Economy

The International Monetary Fund (IMF) has given out its latest reports, showing that Canada stands as the 9th largest economy the world has to offer. Canada boasts a GDP of $1.6 trillion, meaning the crypto space beat it out by $100 billion-plus some change.

Since this year started, Bitcoin has been on a rapid rise, even with the “healthy” corrections that removed more than a quarter of its value each time. Crunching the numbers, these past 10 weeks alone saw the cryptocurrency rise up in value by a factor of more than 90%.

At the time of writing, Bitcoin’s worth around $56,200. Bitcoin alone boasts a $1.06 trillion market cap, practically carrying the rest of the crypto space on its back as a result. Bitcoin also boasts a market cap, in and of itself, that’s higher than the South Korean Won’s.

Bitcoin Close To Beating Alphabet

Now, Bitcoin’s targeting Alphabet’s market cap. The asset is slowly but surely becoming more worth than any other single company. The world’s first cryptocurrency overtook Bitcoin some time ago, then crashed in value, then overtook it again. The same can be said for Tencent, Tesla, and Berkshire Hathaway, as well. To add to this, Mexico’s entire GDP had also been surpassed by Bitcoin’s market cap alone.

The crypto space has seen a massive acceleration thanks to an influx of institutional demand. Major cryptocurrencies, barring BTC and ETH, saw a spectacular rise in value as a result of this. Things like Cardano, Binance Coin, and Polkadot all saw their prices increase significantly.

DeFi and Crypto Companies Gaining In General

Even the DeFi space saw a spectacular boom, with Uniswap, Aave, Chainlink, and Compound all seeing gains of over 200% since this year started. With the DeFi space growing at such an amazing rate, and the blockchain space in general, companies like BlockFi, that do business in it, have seen a spectacular rise in business as well BlockFi, in particular, has managed to raise around $350 million through a Series D funding round, giving itself a valuation of $3 billion in the process.

Sonare, another blockchain startup, has managed to accrue $50 million through a Series A funding round earlier this month, as well.

Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.