Originally published on: December 05, 2024
Bitcoin has reached a milestone by becoming a $2 trillion asset, placing it as the world’s seventh-largest asset after surpassing the $100,000 mark for the first time. This achievement has sparked excitement and speculation in the cryptocurrency market.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s current price of $102,800 has led to a total market cap of $2.034 trillion. This places BTC/USD in a position higher than silver and major global companies such as Meta and Saudi Aramco.
The surge in Bitcoin’s value was accompanied by positive news from Jerome Powell, chair of the U.S. Federal Reserve, who acknowledged Bitcoin as a “competitor” to gold. This endorsement, coupled with the nomination of pro-crypto figures in key regulatory positions, has fueled the bullish momentum of Bitcoin’s price.
Short sellers have felt the pressure as Bitcoin’s price continues to rally, with significant liquidations totaling $134 million within a 24-hour period. Meanwhile, market analysts have observed Bitcoin solidifying its position with record-breaking monthly candles and consistent inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).
Ki Young Ju, founder and CEO of the onchain analytics platform CryptoQuant, has shared a BTC price prediction model based on Bitcoin’s realized cap, indicating a potential ceiling price increase to $146,000 in the coming month.
While Bitcoin’s price surge is exciting, this article does not provide investment advice. It’s essential for readers to conduct their own research and evaluations before making any financial decisions. Stay informed and subscribe to the Markets Outlook newsletter for more insights and updates on the cryptocurrency market.
