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On May 21, Bitcoin (BTC) reached a remarkable milestone, A new highest point (ATH) near $ 110,000. This increase was fed by considerable purchasing pressure, which increases the market capitalization of Bitcoin to more than $ 2.1 trillion.
As a result, the leading cryptocurrency of the market has now positioned itself one of the most valuable assets worldwide, fifth place in market capitalization and the surplus of large companies such as Amazon and Google.
Will Bitcoin surpass gold?
According to For the web page of the Market Cap companies, the Bitcoin price butt pushed its market capitalization up to around $ 2,182 trillion. Currently, Bitcoin only follows behind Tech Giants Apple, Nvidia and Microsoft, as well as the traditional safe harbor active, gold, which has a stunning capitalization of more than $ 22 trillion.
Rob Nelson van de Straat reported insights from Gracy Chen Chen, the director of Bitget in a round table discussion in February, with the attention of the transforming nature of the cryptocurrency market.
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With increasing institutional acceptance, evolving regulations and new real applications, Chen expressed Optimism about the future of Bitcoin. “Bitcoin will certainly surpass gold in terms of market capitalization, at least for a while, perhaps this year or in the coming years,” she said, suggesting that Bitcoin has the potential for another two to three -ferrous price increase.
Historically, as ‘digital gold’, the role of Bitcoin has considerably evolved considerably. Initially seen as an anti-risk-active, the lake is correlated with traditional financial markets, especially after the expected approval of spot Bitcoin ETFs in 2024.
“Bitcoin was considerably considered in the early days digital gold. At the moment it is still digital gold in my opinion, but now it is more active as a risky, “Chen explained, and noted that the increased correlation with the US stock market.
Analysts predict potential rise of up to $ 150,000
Positive legal developments in the US have further strengthened the investor sentiment, so that the expectations for price determination for BTC are fueled. Antoni Trenchev, co-founder of the Digital Asset Trading Platform Nexo, commentary On the current market landscape:
Now that the High of January has been surpassed – and the 50 percent top of the LOT points of April has been reached – Bitcoin enters the blue sky with tail winds in the form of institutional momentum and a favorable American regulatory environment.
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Trenchev also emphasized that the market is still traditionally seen in the fourth year of Bitcoin’s price cycle as a crucial period after a halving event – when the miner’s reward is cut.
Historically, this phase has led to significant Price increases. “Although macro uncertainty and the threat of further volatility continue to exist, a target of $ 150,000 in 2025 is still very much on the cards,” he concluded.
At the time of writing, BTC acts at $ 109,570, which has risen by 3% and 25% on the 24-hour and 30 days frames respectively.
Featured image of Dall-E, graph of TradingView.com
Credit : www.newsbtc.com
