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Bitcoin (BTC), which was launched in 2009, reached a significant milestone on May 21. a new all-time high Near the $110,000 mark, (ATH). The surge in Bitcoin market value was driven by strong buying pressure.
The market leader in cryptocurrency is now among the world’s most valuable assets, surpassing companies like Amazon, Google, and other major corporations.
Bitcoin to Surpass Gold
According According to Companies Market Cap, Bitcoin’s recent price increase has pushed the market cap to $2.182 trillion. Bitcoin is currently only behind Apple, NVIDIA and Microsoft in terms of market capitalization, while gold holds an astounding $22 trillion.
Rob Nelson of The Street shared insights with Gracy Chen Chen from Bitget’s managing director during a roundtable in February. This highlighted the revolutionary nature of cryptocurrency.
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Chen is gaining in popularity, with new applications and regulations. expressed Bitcoin is a future that we can be optimistic about. “Bitcoin will definitely surpass gold in terms of market cap, at least for a while, maybe this year or in the upcoming few years,” According to her, Bitcoin’s price could rise by two or three times more.
The term “historically seen” is used to describe the historical view of “digital gold,” Bitcoin’s function has significantly changed. The asset was originally perceived as anti-risk, but has now become more closely correlated to traditional financial markets. This is especially true after the expected approval of Bitcoin spot ETFs by 2024.
Bitcoin in its early years was a very popular currency. digital gold. Right now, it’s still digital gold in my opinion, but now it’s more like a risky asset,” Chen explains the correlation of US stock markets with China’s economy.
Analysts predict a potential increase to $150,000
The positive developments of the US regulatory environment have boosted investor confidence, which has fueled expectations about price discovery for BTC. Antoni Trenchev is the co-founder and CEO of Nexo. commented The current landscape of the market
Now that January’s high has been surpassed—and the 50 percent upside from April’s lows has been achieved—Bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable US regulatory environment.
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Trenchev also emphasized that the market’s still in the fourth year of Bitcoin’s price cycle, traditionally seen as a pivotal period following a halving event—when miner rewards are cut in half.
This phase is historically significant because it has led to many important historical events. price increases. “While macro uncertainty and the threat of further volatility remain, a target of $150,000 in 2025 is still very much on the cards,” Added he.
BTC was trading for $109,570 at the time this article was written. This is an increase of 3% on the 24 hour time frame and 25% over the 30-day period.
TradingView.com chart with DALL-E image.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
