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HomeBitcoin NewsThe Bitcoin Market Cap Has Reached a New Pinnacle

The Bitcoin Market Cap Has Reached a New Pinnacle

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Bitcoin is back where it was. In other words, it’s close to again reaching the all-time high it attained earlier in the year. After yesterday’s drop to about $31,000, the world’s number one digital currency by market cap has suddenly added another $2,000 to its price and is now trading for around $33,000 again.

Bitcoin Just Keeps Growing…

But here’s even bigger news. The currency’s market cap has now surpassed $600 billion. Following a ten percent gain in the past couple of days, the asset is now larger than it has ever been, making investors wonder if the currency will potentially outdo many of the world’s leading tech stocks including Tesla, Microsoft, Facebook and Google. Possible? Many of them believe so.

Mark Bernegger – a member of the Board of Crypto Finance Group – explained in a recent interview:

The massive price increase of bitcoin since Christmas might be just the beginning of the next upward cycle for digital assets. Compared to the past, there are not mainly retail investors buying into digital assets but more and more institutional investors who look at bitcoin as a new and emerging asset class.

Since the Christmas holiday, the price of bitcoin has jumped by roughly 20 percent. Even more impressive is that just three months ago, the overall valuation of bitcoin was less than $200 million. That means that the cryptocurrency has added more than $400 billion to its market cap in a relatively short period. Recently, the asset passed the digital market cap of financial firm Visa, which is currently at around $511 billion.

Should bitcoin’s rally continue any further, the asset could potentially surpass the value of Tesla, the car company presently headed by South African entrepreneur Elon Musk. The firm is valued at more than $660 billion at the time of writing. It is estimated that for bitcoin to achieve this goal, the asset would have to reach a price of about $36,000 per unit. Another $3,000 to go…

Many analysts, including Ryan Selkis – the founder of Messari, a crypto data firm – believe that this will be the year in which bitcoin hits the six-figure range. He’s convinced that one unit of BTC will be trading for about $150,000 by the time the year is over. This would give it an overall valuation of about $2.7 trillion, meaning it would outdo the $778 billion valuation of Facebook, the $1.1 trillion valuation of Google, and the $1.6 trillion valuation of Amazon.

$1 Million in the Future?

Cory Klippsten – chief executive of bitcoin-buying app Swan Bitcoin – is convinced that the asset will reach a price of $1 million during this decade. He states:

My view is that one bitcoin will be worth more than $1 million this decade. I have no idea of the path it will take to reach that level though, and I would warn you against listening to anyone who says they do.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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