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On May 21, Bitcoin (BTC) has taken a remarkable step, reaching A new summit of all time (ATH) near the $ 110,000 mark. This wave was fueled by significant purchase pressure, increasing Bitcoin market capitalization to more than 2.1 billions of dollars.
Consequently, the main cryptocurrency of the market has now been positioned among the most precious assets in the world, ranking fifth in market capitalization and exceeding large companies like Amazon and Google.
Will Bitcoin go beyond gold?
According to On the web page of the market capitalization of companies, the overvoltage of Bitcoin prices pushed its market capitalization to around 2.182 billions of dollars. Currently, Bitcoin only follows behind the giants of Apple, Nvidia and Microsoft technology, as well as the traditional security assets, Gold, which holds an amazing capitalization of more than 22 billions of dollars.
Rob Nelson de la Rue reported information from Gracy Chen Chen, Bitget Director General on a round table in February, highlighting the transformative nature of the cryptocurrency market.
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With increasing institutional adoption, evolving regulations and new real world applications, CHEN expressed Optimism about the future of Bitcoin. “Bitcoin will certainly go beyond gold in terms of market capitalization, at least for a while, perhaps this year or in the coming years,” she said, suggesting that Bitcoin has the potential of another increase of two to three times.
Historically considered as “digital gold”, the role of Bitcoin has evolved considerably. Initially perceived as an anti-risk asset, it has become more correlated with traditional financial markets, in particular after the expected approval of Bitcoin Spot ETF in 2024.
“At the beginning, Bitcoin was very considered to be digital gold. Currently, it’s still digital gold in my opinion, but now it looks more like a risky asset, “said Chen, noting her increased correlation with the American stock market.
Analysts predict a potential increase to $ 150,000
In the United States, positive regulatory developments have strengthened the feeling of investors, fueling expectations for the price discovery phases for the BTC. Antoni Trenchev, co-founder of the Nexo digital active trading platform, commented On the current market landscape:
Now that the January summit has been exceeded – and the 50% increase compared to the lows of April has been carried out – Bitcoin enters the territory of the blue sky with rear winds in the form of an institutional momentum and a favorable American regulatory environment.
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Trenchev also pointed out that the market is still in the fourth year of the Bitcoin price cycle, traditionally considered as a pivotal period after a half event – when minor awards are halved.
Historically, this phase led to price increase. “While macro uncertainty and the threat of new volatility remain, a target of $ 150,000 in 2025 is still very on the cards,” he concluded.
At the time of writing this document, BTC is negotiated at $ 109,570, which increased by 3% and 25% over 24 hours and 30 days, respectively.
Dall-e star image, tradingView.com graphic
