cryptopotato.com
Bitcoin’s bull run continues with full force as the asset broke above $71,000 earlier today and tapped a new all-time high at almost $72,000.
This means that its price has gained more than 60% since the start of the year, and its total market cap has soared to over $1.4 trillion for the first time ever. With this, $BTC has managed to become the 8th largest financial asset.
$BTC Bigger Than Silver
A lot can change in the cryptocurrency markets in a year. It was March 11, 2023, when Bitcoin had fallen back down to $20,000 after failing at $30,000. The doubters were once again bashing it, claiming that it had failed to serve as a hedge against inflation and a financial tool that performs well during uncertain times.
Yet, $BTC didn’t stay there for long and started gaining traction in the following months. June arrived, and the world’s largest asset manager, BlackRock, filed to launch a spot Bitcoin ETF, which became a game-changer.
Being the most powerful financial organization in the world, BlackRock’s involvement turned the tables and the approval of such a product became a must. The hype was real and pushed $BTC’s price north. In January 2024, the SEC indeed approved nearly a dozen Bitcoin ETFs and the massive demand for them propelled more price gains for the underlying asset.
This culminated last week when $BTC broke its 2021 all-time high for the first time ahead of a halving. The asset kept climbing and soared to almost $72,000 earlier today, which is its highest price tag ever (for now).
Consequently, $BTC’s market capitalization has soared to a record of its own at over $1.4 trillion. This means that Bitcoin has become the 8th largest global financial asset, ranking higher than Meta (Facebook) and the second-biggest commodity – silver.
Who’s Next?
When CryptoPotato reported that Bitcoin had entered the top 10 by surpassing Warren Buffett’s Berkshire Hathaway, the cryptocurrency’s price was hovering around $60,000. Meta and silver were far ahead but it took $BTC less than two weeks to surpass them both.
Although the next targets (Alphabet and Amazon) seem quite far as well now, $BTC’s price would have to go above $85,000 (20% increase approximately) to go above Google’s parent company and to $94,000 (30%) to surpass Jeff Bezos’ corporate giant.
These numbers seem a bit far-fetched at the moment but recall that Bitcoin has gained more than 60% since the start of 2024 and 40% in the past two weeks alone.