As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed the rise and fall of many asset classes. The current surge in Bitcoin’s market cap is nothing short of spectacular, especially when compared to its closest competitor, Ethereum.
The value of the cryptocurrency Bitcoin (BTC) has surpassed $1.35 trillion in market capitalization, which is now over a trillion dollars greater than that of the second-largest cryptocurrency, Ethereum. This remarkable growth comes as the price of Bitcoin hovers slightly above $68,000.
Over the past few days, Bitcoin’s market capitalization (the total worth of all its existing coins) has grown by approximately 8.9%. This significant increase has fueled discussions suggesting that Bitcoin may still have a substantial amount of growth potential ahead.
According to Glassnode’s lead analyst, James Check, in a recent blog post on October 19th, Bitcoin currently holds a record $1 trillion market cap advantage over Ethereum, marking a new all-time high for this gap between the two cryptocurrencies.
Challenging a user with an interest in X, I posed the counterargument to their prediction of Ethereum’s “glorious comeback” by suggesting a more skeptical perspective: “Perhaps it won’t.
BTC market cap now $1T larger than ETH
Meanwhile, Ethereum’s market cap stands at $318.32 billion.
Today’s news is that Bitcoin reached a new high of $67,000 for the first time since July 28, based on TradingView data. This was also the point at which its total market value stood at an impressive $1.34 trillion.
At the time of publication, Bitcoin is trading at $68,152.
On May 21, Bitcoin’s reached its all-time high market cap, $1.41 trillion.
Presently, it stands as the 10th largest global asset by market capitalization, slightly trailing Meta Platforms (Facebook)’s shares, which are valued at approximately $1.48 trillion in total.
Gold currently holds the title as the most valuable asset based on market capitalization, boasting a market value of approximately $18.38 trillion, as reported by CompaniesMarketCap.
Bitcoin maximalist Fred Krueger stated:
The current market value stands at 50 trillion dollars. Let’s predict it will reach 100 trillion by the year 2040. This would be approximately 76 times greater than Bitcoin’s current market cap of 1.3 trillion, implying that Bitcoin’s price could potentially soar to around 5 million dollars per coin.
Analysts say BTC market cap has plenty of room for growth
Bitcoin advocate Kyle Chasse urged his 219,600 followers to “Calculate the facts!” in response to BlackRock CEO Larry Fink’s remarks likening Bitcoin to the early stages of the mortgage market.
During an October 15th interview on Fox Business, crypto analyst Dylan LeClair expressed a comparable perspective, saying, “This is a groundbreaking concept with a potential value of $100 trillion, this is a revolutionary technology.
Meanwhile, some traders opine that there are no signs of frothiness in Bitcoin just yet.
In simple terms, “Bitcoin for Freedom” commented on a platform that during the pandemic, the Federal Reserve created $16 trillion dollars. This amount is twelve and a half times greater than the current value of the Bitcoin market. The comment implies that we are still at a very early stage in the development or adoption of Bitcoin.
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2024-10-20 06:09