When it comes to market capitalization, the cryptocurrency asset has surpassed both Tesla and Facebook, which have market capitalization of $1.19 trillion and $975 billion, respectively, as its price remains at $67,200. Because of the latest price increase, Bitcoin’s market capitalization is now within $600 billion of Amazon’s.
Bitcoin’s recent volatility may have been influenced by Tesla CEO Elon Musk’s latest revelation that he intends to sell 10 percent of his Tesla holdings. Bitcoin soared over 4 percent over the weekend, rising from $62,941 to $65,512 in just two hours, indicating that the crypto asset is still volatile. Bitcoin’s market capitalization was already valued more than the combined value of numerous fiat currencies at the time of writing.
In February, the cryptocurrency asset caused the Russian ruble to plummet, most likely as a result of Tesla disclosing that it had acquired a total of $1.5 billion in bitcoin. In October, the value of bitcoin’s market capitalization momentarily flipped the Swiss franc. In the wake of the weekend collapse, the bitcoin price has rebounded, registering gains of 7 percent over the previous week. Bitcoin’s price continues to rise as the cryptocurrency’s Taproot update gets closer to becoming a reality. Several cryptocurrency analysts and traders have acknowledged that bitcoin is exhibiting indications of growth.
Because of the increase in market valuation, Bitcoin is now the sixth-largest asset in the world, surpassing both Tesla and Facebook. The anonymous expert @TheCryptoDoge is positive on Bitcoin and expects that the cryptocurrency will reach a new all-time high in the near future.
“We can’t overlook or ignore how bullish Bitcoin is right now,” he says. At all-time highs, there is a bullish consolidation. It’s going to be huge in the near future. The safest, most worry-free asset in the globe, with the best setup possible. “There is no better solace than Bitcoin in cold storage.”
The authorization of the ProShares Bitcoin futures ETF sparked a rise in the market, and speculations about the approval of a BTC spot ETF are circulating on social media platforms.
“Once these spot ETFs are up and running, I believe you’ll see billions, then tens of billions, then hundreds of billions, and eventually trillions of money pour into them,” said Michael Saylor, CEO of MicroStrategy, in a recent interview.
The approval of a spot exchange-traded fund (ETF) in the next week might further bolster the BTC price surge. According to Rahul Rai, a 24-year-old founder of a cryptocurrency hedge fund, the cryptocurrency Ethereum might surpass the Bitcoin in the next six months or so. Bitcoin price estimates for the end of the year are now being debated by analysts.
Cryptocurrency expert @rektcapital believes that the Bitcoin price is on pace to fulfill the end-of-year benchmarks set by the “Stock to Flow Model” before the end of the year. It will very certainly be the buy-side interest that drives Bitcoin into a new upswing, or rather, into a continuation of the current upward.
Analysts at FXStreet have reviewed the Bitcoin price movement and anticipated that the commodity would consolidate as a result of the asset’s huge backing. For the initial time in the token’s existence, the price of Ether (ETH) rose beyond $4,700, putting the cryptocurrency on track to surpass the $565 billion mark in market capitalization, which is more over $400 billion ahead of the third-ranked cryptocurrency by market cap, Binance Coin (BNB). The increases from the two assets have contributed to the entire cryptocurrency market capitalization exceeding $3 trillion.