30s Summary

Bitcoin’s market capitalization exceeds $1.35 trillion, far surpassing Ethereum’s at $318.32 billion. Its value and peaks continue to rise, and its market cap even surpasses Facebook’s, ranking 10th in the world’s most valuable assets. Traders anticipate significant growth for Bitcoin, suggesting we are at its early phase, and it could become a $100 trillion innovation in the future.

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Bitcoin (BTC) is making waves in the cryptocurrency world, with a market capitalization (the total value of all the virtual money out there) of over $1.35 trillion. That’s over a trillion more than Ethereum, the number two cryptocurrency. The value of Bitcoin has been on the rise, adding 8.9% to its market capitalization since October 12. The lead Bitcoin market analyst James Check pointed out on his social media page that the gap in market cap between Bitcoin and Ethereum has never been wider.

In response to some folks who insist Ethereum will bounce back, Check retorted, “it may not.” As for Ethereum, the second-biggest cryptocurrency after Bitcoin, its market capitalization currently stands at $318.32 billion.

Meanwhile, Bitcoin keeps breaking records. It recently hit $67,000, the highest it’s been since July 28. At the time of this report, Bitcoin is trading at $68,152.

The highest value Bitcoin’s ever reached in terms of market cap was $1.41 trillion back in May this year. This valuation places Bitcoin 10th in the list of the world’s most valuable assets, right behind Meta Platforms (formerly known as Facebook) which has a market cap of $1.48 trillion.

Gold comes in at number one on that list, with a market capitalization of $18.38 trillion. Bitcoin maximalist Fred Krueger has even boldly predicted that the global market will reach 100 trillion dollars by 2040. If that’s the case and Bitcoin keeps trending upwards, its value could hit 5 million dollars.

With that being said, many cryptocurrency experts like Bitcoin maximalist Kyle Chasse believe Bitcoin has a lot of room for growth. Chasse also pointed out BlackRock CEO Larry Fink’s opinion that Bitcoin is in the early phase, similar to the early days of the mortgage market.

Analyst Dylan LeClair seems to share this optimistic viewpoint, stating that Bitcoin could be a $100 trillion innovation in the future. Some traders even argue that Bitcoin is nowhere close to reaching its peak. One anonymous crypto investor stated, “The Fed printed $16T during the pandemic. That’s 12.4 times the current Bitcoin market cap. We are very early.”

Source: Cointelegraph