As a seasoned crypto investor who has witnessed the digital revolution unfold over the past decade, I must say that this latest milestone for Bitcoin feels nothing short of extraordinary. With its market cap surpassing $2 trillion and ranking as the seventh most valuable asset globally, it’s clear that BTC has come a long way since its inception.
The cryptocurrency Bitcoin (BTC) surpassed $100,000 for the first time, pushing its value to over $2 trillion, making it the seventh-largest asset globally.
$102,000 Bitcoin has $2 trillion market cap
According to information from both CryptoMoon Markets Pro and TradingView, the present Bitcoin (BTC) cost of approximately $102,800 adds up to a grand total market capitalization of around $2.034 trillion dollars.
As a researcher, I find myself remarking that the Bitcoin-U.S. Dollar pair (BTC/USD) has surpassed the $100 billion market capitalization threshold, making it the seventh most valuable asset globally in terms of market cap. This valuation outranks not only silver but also major global corporations like Meta Platforms Inc. and Saudi Aramco.
Five minutes after Bitcoin surpassed the significant $100,000 milestone, this was the response from trading resource The Kobeissi Letter.
Reflecting on recent market developments, I’ve noticed an intriguing trend: My crypto portfolio has seen a surge in value following Jerome Powell’s confirmation that he views Bitcoin as a competitor to gold. This buying pressure suggests a strong belief among investors that Bitcoin could potentially challenge the traditional safe-haven asset, gold.
“People use Bitcoin as a speculative asset. It’s just like gold, only it’s virtual, it’s digital,” he said at the DealBook Summit in New York on Dec. 4.
With the announcement of Donald Trump as the nominee for the Securities and Exchange Commission (SEC), optimistic energy quickly set in, leading Bitcoin’s price to reach new record highs.
Due to the intense heat, shorts suffered losses amounting to approximately $134 million over a 24-hour period, as reported by CoinGlass, a reliable source for tracking such data.
Longtime market watchers noted that Bitcoin amplified its massive November monthly increase – an unprecedented milestone when measured against the U.S. dollar.
In simpler terms, “Rekt Capital, a well-known trader and analyst, informed his X followers that a breakout (a move beyond a resistance level) has been verified, as shown in the one-day chart he provided.
For trader Aksel Kibar, the monthly performance was equally noteworthy. While he downplayed the importance of reaching the $100,000 milestone, there was no doubt in his mind about Bitcoin’s recent accomplishment.
“The hurdle was at 73.7K. It is broken with a long monthly candle in November,” he argued.
“In the past breakouts on monthly scale (2013,2017 & 2021), monthly gains continued for several months after the breakout candle.”
BTC price metric: No “bubble” before $150,000
On another day, U.S. Bitcoin ETFs experienced significant net deposits again, surpassing half a billion dollars for the second consecutive day.
New investment is propelling Bitcoin,” remarked Ki Young Ju, founder and CEO of the on-chain analytics platform CryptoQuant, in reference to a recent development (X).
Ki shared a Bitcoin price forecasting tool that utilizes the Bitcoin Realized Cap, an alternative market capitalization calculation derived from the average price at which coins were last transacted.
“As the realized cap grew, the ceiling price increased from $129K to $146K in 30 days,” he noted.
“At $102K, it’s far from a bubble—it would need a 43% surge to hit the threshold often considered a bubble.”
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2024-12-05 14:31