BTC as a financial markets Wonder? Bitcoin’s market capitalization recently reached a new all-time high, surpassing $1,400 billion. This performance has enabled the crypto queen to overtake silver as the world’s 8th largest financial asset.
Bitcoin surpassed silver’s valuation at over $1,400 billion
In 2022, when Bitcoin fell to $15,000 following the collapse of FTX sceptics were once again predicting its demise. They questioned its ability to serve as a hedge against inflation and as an effective financial tool in times of uncertainty.
However, Bitcoin quickly bounced back and resumed its bullish run a few months later. Since the start of 2024, the queen of cryptocurrencies has recorded a meteoric rise of over 60%. This remarkable performance is mainly due to the growing interest of institutional investors in cryptos, who see in Bitcoin an opportunity for diversification and yield.
Breaking the previous all-time high (ATH) record of 2021 early March 2024 with a BTC valued at more than $73,000, Bitcoin is now acknowledged as a major financial asset, surpassing even silver temporarily. With a market capitalization of around $1,400 billion in Q1 2024, Bitcoin is attracting a growing number of investors looking for attractive returns and portfolio diversification.
Global Bitcoin Market Cap Ranking on March 12, 2024
BTC, the 8th financial markets Wonder
Alphabet and Amazon, the next steps in the conquest of BTC as a financial markets Wonder
Thanks to this historic capitalization, the invention of Satoshi Nakamoto now overtakes silver as the 8th largest financial asset worldwide. But the next targets, Alphabet (parent company of Google) and Amazon already seem within reach.
To surpass market capitalization of Alphabet, Bitcoin price is expected to reach $85,000, an increase of around 20%. compared to current levels. As for Amazon you would need for the price of Bitcoin to rise to 94,000 an increase of 30%.
While these levels may seem ambitious, they are far from unattainable in view of Bitcoin’s recent performance and the forecasts of several analysts. With a gain of over 60% since the start of the year, and 40% in the last two weeks alone, the queen of cryptos has proved its ability to record rapid and spectacular increases.
With Alphabet and Amazon now in its sights, Bitcoin looks set to continue its conquest as a financial market wonder. To become one of the world’s most valuable assets, on a par with gold, seems very plausible in the long term. Institutional investors, who are increasingly taking an interest in cryptos, could play a key role in this ascent to new heights, particularly in 2024, when we see significant adoption by these key players.
However, BTC’s volatility may still scare off some investors, but isn’t that part of the two inseparable sides of the same coin?
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
