Bitcoin has surged to become the eighth most valuable asset globally by market capitalization, surpassing silver, according to a report by CoinDesk. The cryptocurrency reached an unprecedented valuation of over $72,000 during US trading on March 11, resulting in a market cap of $1.42 trillion, outpacing silver’s $1.387 trillion valuation, as per CompaniesMarketCap.
Bitcoin Surpasses Meta and Targets Alphabet:
During its historic bull run, Bitcoin had already surpassed Meta, valued at $1.2 trillion. The next milestone in Bitcoin’s ascent is Alphabet, the parent company of Google, currently valued just below $1.7 trillion. Enthusiasts are closely watching Bitcoin’s trajectory as it continues its upward climb in the global asset rankings.
Record Highs and Future Aspirations:
Bitcoin’s recent peak at nearly $72,881 on March 11 reflects its ongoing surge driven by capital influx into crypto products and the anticipated reduction in the digital token’s supply growth, as reported by Bloomberg. Investors and analysts are eyeing the cryptocurrency’s potential to reach the pinnacle by surpassing gold, the world’s most valuable asset with a market cap of $14.7 trillion.
Key Drivers of Momentum:
The success of spot Bitcoin exchange-traded funds (ETFs) launched in the US, notably from BlackRock Inc. and Fidelity Investments, has played a crucial role in boosting Bitcoin’s momentum. In the UK, the London Stock Exchange’s acceptance of applications for Bitcoin and Ether exchange-traded notes, along with Thailand’s regulatory opening to overseas crypto ETFs, contributes to the cryptocurrency’s growing institutional adoption.
“We are witnessing institutional adoption in the US,” noted Ophelia Snyder, co-founder, and president of 21Shares, highlighting the early stages of this trend. The surge in Bitcoin’s value also results in the creation of approximately 1,500 new “millionaire wallets” daily, according to crypto analytics firm Kaiko Research.
Anticipating Halving and Bullish Sentiment:
With Bitcoin set to undergo a significant event known as the halving next month, which involves cutting the supply of new Bitcoin in half, expectations of looser monetary policy, combined with ETF demand and limited supply, contribute to the bullish sentiment in the crypto market.
