- Bitcoin is still going strong.
- The current surge is challenging the positions of other major global assets.
- Market analyst expect even higher price peaks for Bitcoin.
Bitcoin (BTC) has been on a bullish trajectory recently, and its positive momentum shows no signs of slowing down. With its latest climb above $89,000, the crypto giant has fueled market-wide excitement and optimism, with investors eagerly anticipating even higher gains.
As it continues its ascent, the top crypto asset is now cementing its place on the global financial stage.
BTC Takes on Silver
Bitcoin has maintained an impressive streak over the last few days, marking new all-time highs day after day. The increase in value has pumped a fresh milestone in its market capitalization, catapulting it to an impressive $1.76 trillion.
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With the impressive leap, the crypto king moved to an impressive 8th place on the top global assets list, surpassing silver, which previously held the spot with $1.72 trillion.
The increase is largely driven by Bitcoin’s 30% spike in the past week. Its performance over the last month and year has shown impressive gains of 45% and 141%, respectively. BTC’s performance outpaces silver’s 46% rise this year, sponsoring the former’s dominance and leap.
Bitcoin now threatens to overtake oil giant Saudi Aramco at seventh place, particularly with expectations that the ongoing pump will continue and drive new price highs, further boosting its market cap.
Crypto Market Bullish on Bitcoin
The ongoing bullish momentum has raised market confidence, with several investors forecasting new peaks for the crypto king.
Weighing in on the surge so far, crypto investor Mike Alfred emphasized the potential for Bitcoin to reach $100,000 within weeks.
Alfred stressed that hefty inflows are pouring into the market giant, adding that the ongoing upward tick is going much higher.
The sentiment is echoed across the market, and analysts believe Bitcoin could reach the $100,000 mark sooner than expected. A recent 10x Research report stressed that Bitcoin’s current performance patterns point to the possibility of hitting the coveted $100K price by January 2025, with a potential peak near $101,000.
On the Flipside
- While Bitcoin is now the 8th largest asset globally, it remains the largest cryptocurrency by market cap.
- Some critics remain skeptical about Bitcoin despite its positive performance.
- At press time, Bitcoin is trading at $86,140.
Why This Matters
Bitcoin’s rise above silver and its growing presence among the top global assets reflect its growing influence in the global financial system, reinforcing its dominance and potential.
Find out more about the positive sentiment and forecasts for BTC to uphold its current state:
Bitcoin Nears God Candle: Mow Predicts Omega Soon
Defunct crypto exchange FTX is going to war against Binance; find out why and more in this article:
FTX Reopens Old Binance Wounds with New $1.8 Billion Lawsuit
