Crypto Market Surges to Record High of $3.8T, Within Reach of UK's GDP

The total cryptocurrency market capitalization has hit a record high of $3.8 trillion on Monday, according to CoinMarketCap.

This milestone puts crypto within $40 billion of matching the United Kingdom's entire GDP, making it one of the largest economies in the world if it were a country.

The surge was driven by Bitcoin's rally to $123,000, which broke December's previous record and led to a 16% increase over the past five days.

Bitcoin's market cap alone exceeds $2.4 trillion, surpassing Canada's GDP and approaching Italy's size.