Bitcoin (BTC) has surged beyond $800 billion in market capitalization, catapulting itself into the elite league of the top 10 assets globally. This surge marks a significant milestone for the cryptocurrency, propelling it past established giants like Berkshire Hathaway and Tesla.
As per recent data, Bitcoin’s market cap stands at an impressive $809.6 billion, showcasing a meteoric rise within a concise timeframe. Notably, this surge was observed between Nov. 27 and Dec. 3, when Bitcoin’s market cap escalated from $724.03 billion to a staggering $816.94 billion.
Bitcoin (BTC) Now Among Top 10 Assets Globally
The cryptocurrency’s ascension to this elite status has been underscored by its ability to outpace traditional heavyweights in the financial landscape.
This surge in market cap aligns with Bitcoin’s price surge, which recently crossed the $41,000 mark, indicating an upward trajectory not witnessed since March 2021. The surge in price and market cap highlights a resurgence in investor interest and confidence in Bitcoin’s potential.
Anticipation surrounding the possibility of a U.S.-based Bitcoin exchange-traded fund (ETF) launch by 2024 has further fueled this growth. Industry experts and analysts remain optimistic about Bitcoin’s future trajectory, foreseeing a potential new bull cycle. Speculations abound, with projections suggesting BTC could surge beyond $100,000 by 2024.
Bulls Make Bold Bitcoin Price Predictions
Investors are currently expressing optimism about Bitcoin investments, as they anticipate the U.S. Securities and Exchange Commission (SEC) to approve a spot BTC ETF after a ten-year anticipation finally.
Notably, esteemed Wall Street entities such as BlackRock, VanEck, Franklin Templeton, and Fidelity are gearing up to launch spot-based ETFs.
Amid this bullish atmosphere, Max Keiser, the senior Bitcoin advisor to El Salvador president Nayib Bukele, firmly believes that Bitcoin is poised to surge to an all-time high.
Max Keiser isn’t the sole optimist regarding the flagship crypto nearing $42,000. As reported by ZyCrypto earlier, Galaxy Digital CEO Mike Novogratz predicted that BTC might reach its previous highs from November 2021 once an ETF is approved. Novogratz believes that billions of dollars or more could pour into the ETF sector within the first year upon a Bitcoin ETF launch.