Bitcoin recently hit its highest price mark since November 2021, peaking at $65,600. This marks a significant milestone, with the cryptocurrency nearing its all-time peak from the same period. Investors who acquired Bitcoin in December 2022 for under $16,000 have witnessed their investments quadruple, placing Bitcoin’s valuation on a level with top-tier global public corporations.
Bitcoin’s Soaring Market Cap Rivals Big Tech
According to the macroeconomic analysis by the Kobeissi Letter, Bitcoin’s market capitalization is nearing $1.3 trillion following its latest price rally. When measured against the market values of major corporations, Bitcoin would rank as the 8th largest public company worldwide. The digital currency has not only reached parity with Meta, the company formerly known as Facebook, but also surpassed Tesla’s market value by twofold.
Furthermore, Bitcoin’s dominance, which exceeds 50% of the market share, solidifies its status as the primary asset in the digital currency sector. Market watchers, however, argue that an “altcoin season,” where smaller cryptocurrencies surpass Bitcoin’s performance, is unlikely unless Bitcoin’s dominance falls well below the 50% threshold.
Predictions and Broader Market Performance
Prominent technical analyst Willy Woo suggests continued growth for Bitcoin. He theorizes that with just a 3% allocation of major spot ETF issuers’ client funds into Bitcoin, the price could soar to $125,000 by the end of 2025, a projection that raises investor expectations further.
As for the broader crypto market, Bitcoin is currently trading around $65,000, having risen 5.16% in a day. Meanwhile, altcoins such as Dogecoin (DOGE), with a 25% rise to $0.16, and Polkadot (DOT), up 8% to $10, are outshining Bitcoin in terms of percentage gains. Additional altcoins like Filecoin (FIL), Near Protocol (NEAR), and Stacks (STX) also exhibit notable increases. The total cryptocurrency market capitalization has ascended by 2.7% within the last day, hitting a zenith not seen since December 2021.
