Originally published on: October 20, 2024
The cryptocurrency world is buzzing as Bitcoin’s market capitalization reaches a staggering $1.35 trillion, pulling ahead of Ethereum by over $1 trillion. With Bitcoin trading just above $68,000, the market is seeing an 8.9% rise in Bitcoin’s market cap since October 12. This surge has experts speculating on Bitcoin’s potential for further growth.
James Check, lead analyst at Glassnode, highlighted this historic milestone, stating, “Bitcoin now has a $1 trillion market cap lead over Ethereum, a new ATH for the spread.” Ethereum, currently standing at a market cap of $318.32 billion, is facing tough competition from Bitcoin’s massive lead.
Bitcoin’s journey to the top continues as it reaches $67,000 for the first time since July 28, coinciding with its market cap hitting $1.34 trillion. Trading at $68,152 at the time of publication, Bitcoin shows no signs of slowing down.
Despite its impressive achievements, Bitcoin is ranked tenth among the world’s assets by market cap, just behind Meta Platforms (Facebook). It stands ahead of Berkshire Hathaway in terms of size by market cap, showcasing its growing dominance.
Crypto enthusiasts are optimistic about Bitcoin’s potential, with some comparing it to a $100 trillion idea. As the market continues to evolve, experts believe there is still plenty of room for growth, with no signs of frothiness in Bitcoin just yet.
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