Bitcoin Secures Spot as 10th Largest Global Asset
Bitcoin has made history by seizing the 10th spot as the world’s largest asset, overtaking established players like Berkshire Hathaway, Tesla, and JPMorgan. Its market capitalization, edging towards $1 trillion, showcases a remarkable rise, underscoring the increasing influence of the leading cryptocurrency and cementing its position in the financial landscape.
As Bitcoin skyrockets, its current value of $48,200 showcases the remarkable surge that has enthralled both experienced and new investors alike.
⚡️ Bitcoin ETFs Record Third-Largest Inflow Day as BTC Price Rises Above $46,000 ⚡️
On Feb. 8, spot Bitcoin exchange-traded funds (ETFs) experienced their third-largest influx, totaling $403 million. The large inflows came despite over $100 million exiting the Grayscale Bitcoin… pic.twitter.com/sEEHeEbs4j
— Printhereum (@Printhereum) February 9, 2024
This climb stands out, especially when contrasted with Ethereum, the second-largest cryptocurrency, languishing in the 36th position among 100 assets. Bitcoin’s supremacy in the cryptocurrency realm becomes even more pronounced against this backdrop.
Bitcoin places with traditional heavyweights
Bitcoin stands proudly among traditional heavyweights like gold and silver, as well as tech giants Microsoft, Apple, and Amazon in a comprehensive ranking of assets. This highlights the undeniable influence of the crypto asset, positioning it as a formidable player in the broader economic landscape.
Furthermore, BTC’s market capitalization surpasses that of industry giants like Berkshire Hathaway ($861.40 billion), Tesla ($616.47 billion), Visa ($567.80 billion), and JPMorgan ($503.45 billion), representing a noteworthy achievement for the cryptocurrency.
Gold holds the top position in the asset hierarchy, with a market capitalization of $13.6 trillion. Despite its dominance, gold saw a slight decrease overnight, lowering its value to approximately $2,039. This change highlights the ever-changing nature of financial markets and the evolving significance of digital currencies.
#Bitcoin could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b
— Ki Young Ju (@ki_young_ju) February 11, 2024
The recent rise of the alpha coin aligns with stock markets reaching record highs, driven by investors seeking lower-risk options. Notably, demand for spot BTC exchange-traded funds (ETFs) launched on January 11 remains robust.
BTC’s price projections
The optimistic outlook on Bitcoin not only signifies a victory for the cryptocurrency but also ignites hope among market observers and analysts. Predictions of a forthcoming price surge in the ongoing rally are garnering momentum, with influential figures in the crypto space making bold forecasts.
Projections indicate a potential surge in price, with influential figures forecasting an impressive increase of up to 160% for Bitcoin this year.
For example, CryptoQuant CEO Ki Young Ju anticipates a significant 160% surge for Bitcoin, envisioning a price target of $112,000 or a floor of at least $55,000 this year.
Renowned crypto analyst Stockmoney Lizards suggests a potential new floor price of $40,000 for Bitcoin, drawing on historical patterns and the impact of halving events. The upcoming halving event in April further fuels anticipation for Bitcoin’s future price.
CoinGecko reports that Bitcoin hasn’t exceeded a $1 trillion market value since late 2021, when it peaked at nearly $1.3 trillion, requiring a 10% increase to achieve. It’s important to highlight that while holding Bitcoin doesn’t equate to owning shares in a company, it’s noteworthy that only seven corporations worldwide currently boast market capitalizations surpassing $1 trillion.
BTC’s Pre-Halving Momentum
Rekt Capital, a well-known crypto analyst, shared insights about the possibility of Bitcoin ($BTC) starting its pre-halving rally phase as soon as next week, drawing on historical patterns.
Pointing out Bitcoin’s consistent pattern of five distinct stages surrounding its halving events, where the issuance of new BTC to miners is cut in half, Rekt Capital suggests that Bitcoin is presently shifting from its pre-halving retracement phase to its pre-halving rally phase in anticipation of the upcoming halving scheduled for April.
Rekt Capital draws from historical data to predict Bitcoin’s trajectory. It suggests one more round of re-accumulation before a potential surge, possibly exceeding $90,000. In the short term, Bitcoin is poised to break the $43,786 resistance level despite past rejections.
Recent attempts to breach this level indicate a possible weakening of resistance. The analyst notes bullish momentum, evident in the Relative Strength Index (RSI) surpassing diagonal resistance on the weekly chart. This breaks a potential bearish divergence signal, indicating a positive outlook for Bitcoin’s price.
