Bitcoin has been on an impressive rally, surging more than 30% in the past week and climbing to a $1.75 trillion market cap, surpassing silver to become the eighth-largest asset globally. The cryptocurrency’s recent surge has added over $400 billion to its market cap, bringing it closer to reaching $100,000 per Bitcoin by the end of the year. If this momentum continues, analysts suggest Bitcoin could soon overtake Saudi Aramco, the world’s largest oil producer, which has a market valuation of roughly $1.8 trillion.
Despite silver’s impressive 44% price increase this year, Bitcoin has gained significant attention, extending its year-to-date gains to 101%. Its trajectory is expected to continue upward, with some analysts forecasting Bitcoin could hit $200,000 by 2025. If this happens, Bitcoin would surpass tech giants like Amazon, Alphabet, and Microsoft in market capitalization.
With the recent victory of former President Donald Trump, Bitcoin’s rally has gathered steam, fueled by strong inflows into Bitcoin ETFs and an optimistic regulatory environment. Many market experts believe Bitcoin could reach $100,000 by year-end, further solidifying its position in the financial ecosystem.
The growing support for Bitcoin as a potential U.S. reserve asset has also contributed to the ongoing rally, with some analysts predicting a shift in U.S. crypto policies under the new administration. However, Bitcoin’s path to overtaking gold remains a long one, as the yellow metal is currently valued about ten times higher than Bitcoin.
Despite Bitcoin’s rising influence, critics like Peter Schiff warn that adopting Bitcoin as a reserve asset could destabilize the U.S. Dollar. Nonetheless, the bullish sentiment surrounding Bitcoin is expected to persist, with analysts like Mike Colonnese anticipating continued growth through the remainder of 2024.
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