(CTN News) – Bitcoin has established itself as the leading cryptocurrency in terms of market capitalization by moving up the ladder to become one of the world’s most valuable assets.
The Bitcoin market cap approaches $1 trillion
According to the ranking of all assets, including public companies, precious metals, cryptocurrencies, and exchange-traded funds, Bitcoin ranks 10th. Only gold and silver preceded it, as well as some of the top technology companies such as Microsoft, Apple, and Amazon.
As a result of this ranking, Bitcoin surpassed Tesla, the payments giant Visa, and even the banking giant JPMorgan Chase. This milestone has been reached with a market cap of almost $1 trillion and a price of $48,179 as of this writing.
The market capitalizations of Bitcoin, Tesla, Visa, and JPMorgan are respectively $947.07 billion, $616.47 billion, $567.80 billion, and $503.45 billion.
Following Bitcoin is Ethereum, which ranks 36th out of 100 cryptocurrencies.
With a market capitalization of $13.6 trillion, gold is ranked first. It is noteworthy that the market value of gold has decreased by 0.45% overnight and is now around $2,039 per ounce.
Recently, Bitcoin has displayed some positive sentiment that is indicative of an impending bull market. As a result of this ongoing rally, market observers and analysts anticipate that the coin may reach a new high.
BTC Price Predictions – Lofty Predictions
CryptoQuant CEO Ki Young Ju recently expressed his bullish stance regarding the price on X, according to Coingape.
It has been predicted by him that will reach $112,000 or a low of at least $55,000 by the end of this year, a 160% increase. A major contributor to Young Ju’s sentiment is the huge inflows that have occurred in the spot Bitcoin ETF market over the past one month. The ecosystem has registered up to $9.5 billion in inflows, despite massive Grayscale outflows.
As well, Stockmoney Lizards, a renowned crypto analyst, stated that may have found a new floor price at $40,000. He based his statement on certain patterns that he studied, including the popular halving event. A bull run always precedes a halving, according to Lizards.
As historical trends show, Bitcoin’s next halving will take place in April, so investors might want to look forward to its future. There was a price fluctuation before halving, but now it’s working better.