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On May 21, Bitcoin (BTC) achieved a remarkable milestone, reaching a new all-time high (ATH) near the $110,000 mark. This surge was fueled by significant buying pressure, elevating Bitcoin’s market capitalization to over $2.1 trillion.
As a result, the market’s leading cryptocurrency has now positioned itself among the most valuable assets globally, ranking fifth in market capitalization and surpassing major firms like Amazon and Google.
Will Bitcoin Surpass Gold?
According to the Companies Market Cap web page, Bitcoin’s price surge pushed its market capitalization to approximately $2.182 trillion. Currently, Bitcoin trails only behind tech giants Apple, NVIDIA, and Microsoft, as well as the traditional safe-haven asset, gold, which holds a staggering capitalization of over $22 trillion.
Rob Nelson from The Street reported insights from Gracy Chen Chen, Bitget’s Managing Director on a roundtable discussion back in February, highlighting the transformative nature of the cryptocurrency market.
With increasing institutional adoption, evolving regulations, and new real-world applications, Chen expressed optimism about Bitcoin’s future. “Bitcoin will definitely surpass gold in terms of market cap, at least for a while, maybe this year or in the upcoming few years,” she stated, suggesting that Bitcoin has the potential for another two to threefold increase in price.
Historically seen as “digital gold,” Bitcoin’s role has evolved significantly. Initially perceived as an anti-risk asset, it has become more correlated with traditional financial markets, especially following the anticipated approval of spot Bitcoin ETFs in 2024.
“In the early days, Bitcoin was much considered as digital gold. Right now, it’s still digital gold in my opinion, but now it’s more like a risky asset,” Chen explained, noting its increased correlation with the US stock market.
Analysts Predict Potential Surge To $150,000
Positive regulatory developments in the US have further bolstered investor sentiment, fueling expectations for price discovery phases for BTC. Antoni Trenchev, co-founder of the digital asset trading platform Nexo, commented on the current market landscape:
Now that January’s high has been surpassed—and the 50 percent upside from April’s lows has been achieved—Bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable US regulatory environment.
Trenchev also emphasized that the market’s still in the fourth year of Bitcoin’s price cycle, traditionally seen as a pivotal period following a halving event—when miner rewards are cut in half.
Historically, this phase has led to significant price increases. “While macro uncertainty and the threat of further volatility remain, a target of $150,000 in 2025 is still very much on the cards,” he concluded.
At the time of writing, BTC is trading at $109,570, which is up by 3% and 25% on the 24-hour and 30-day time frames, respectively.
Featured image from DALL-E, chart from TradingView.com
Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.
Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.
Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.
One of Ronaldo’s defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.
Ronaldo’s commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo’s writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.
Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.
However, Ronaldo’s aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.
Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.
With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
