Bitcoin reached a new all-time record of $124,000, sparking optimism about the possibility that its market value could reach Apple’s $3.44 trillion.
BitcoinBTC( Hit an all-time high With a value of $124,457, the first cryptocurrency in the world briefly surpassed Google’s market capitalization of $2.45 trillion, and became the 5th largest global asset.
“Bitcoin all-time high and it’s only Wednesday,” Tyler Winklevoss is the co-founder of Gemini, according to an X article. post, triggering a wave of optimistic responses, including from popular investor Kyle Chassé, who predicted Then this is the “best week for Bitcoin.”
Bitcoin’s latest milestone inspired new optimism as investors look forward to the next phase of price discovery, where Bitcoin may surpass Apple’s current market cap.
Udi Valueheimer, a crypto analyst and Taproot creator, told X on Thursday that Bitcoin’s price would have to reach $175,000 in order to overturn Apple’s $3.4 trillion current market cap. This could happen before the end August. post.
The $175,000 estimate is still modest when compared with predictions made by Arthur Hayes. He was co-founder and chief investment officer of Maelstrom. predicted Bitcoin could climb To $250,000 by 2025, if the US Federal Reserve pivots. quantitative easingInjecting liquidity into the system in response to rising inflationary pressures.
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Bitcoin price is driven by institutional capital
Bitcoin’s latest milestone has pushed the crypto market cap above $4.1 trillion, the highest in history.
Momentum signals are increasing “institutional capital” Vugar Zade, Chief Operating Officer at Bitget exchange, said that the exchange’s growth is driven by macroeconomic tailwinds, as well as a growing clarity in regulatory matters.
US Policy Shifts including Recently Passed GENIUS ActPair with “structural shifts” Zade said to Cointelegraph that plans such as the 401(k), which allocate crypto assets, may attract more institutional capital and sustain Bitcoin’s growth momentum.
“It is not just a wave of speculative enthusiasm; it is the groundwork for crypto’s integration into mainstream portfolios.”
If this is the start of something new, it’s important to know. “multi-quarter bull market expansion or the crest before a consolidation phase will depend on how well the market absorbs its own momentum,” “He said”
Related: New crypto whale buys $1.3B of Ether ahead of US inflation reports
Bitcoin was also a topic of interest for other industry observers. “This is objectively the easiest BTC bull run set up ever,” Jeff Park wrote, “The chief investment office of ProCap BTC in a Wednesday article X post.
The next in line is $126,000 “pivotal” Analyst Rekt capital wrote in a Wednesday article that the price would confirm another breakout after Bitcoin crossed over $120,000, a psychological level. post.
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Source: cointelegraph.com
