Bitcoin’s (BTC) market cap has achieved a new all-time high of $1.35 trillion, surpassing the number two cryptocurrency, Ethereum's valuation by over $1 trillion.
Expectedly, the significant uptrend in Bitcoin's market cap has sparked speculations, with several top cryptoanalysts giving their two cents on the matter.
Replying to an X user who claimed that Ethereum’s comeback will be glorious, Glassnode lead analyst James Check commented that with a market cap of $318.32 billion, the odds are that Ethereum “may not” meet up with Bitcoin’s progress.
Notedly, BTC has achieved significant milestones over the past few months. On May 21, Bitcoin reached an all-time high market cap of $1.41 trillion. It is ranked tenth among the world's assets by market cap, falling closely behind Meta Platforms (Facebook Shares), which boasts a market cap of $1.46 trillion.
Moreover, BTC trades at approximately $68,400, reflecting a subtle 0.1% in the past 24 hours, according to CoinMarketCap. The price feat follows Bitcoin reaching $67,000 in individual token price for the first time since July 28. Notedly, its trading volume is up by 73.85%, and its valuation is $24.13 billion.
Why Bitcoin is Bound to Attain Greater Heights
Addressing over 200K X followers, Bitcoin Maxi Kyle Chasse posted, “Do the f*cking math!” referring to Larry Fink’s post that Bitcoin is bound to be as big as the housing market.
Noteworthy, per an X analysis, Bitcoin maximalist Fred Krueger stated that with the prevailing conditions, Bitcoin might hit $5 million in selling price. He explained that the “housing market” described by Kyle Chasse is currently at $50 trillion, with high chances of reaching $100 trillion by 2040. Krueger added that the projected $100 trillion is 76X Bitcoin's $1.3 trillion market cap.
"Bitcoin will become as big as the US housing market"
— Fred Krueger (@dotkrueger) October 14, 2024
-- Larry Fink.
That market is currently 50 Trillion. Let's estimate 100 Trillion by 2040. That is 76x Bitcoin's 1.3 Trillion market cap.
In other words, Bitcoin is going to 5 Million. Source: the most important person in…
Meanwhile, some other traders believe that the current speculations are neither irrational nor exaggerated. Despite the optimism about Bitcoin's progress, a few analysts have hinted at a possible price correction. Consequently, investors should be cautious as they participate in the Bitcoin bull run frenzy.
