Bitcoin price has broken $50,000 and is now well above the key phycological resistance level. At the halfway point to $100K per Bitcoin price is trading at roughly $51,250 at the time of this writing, and the moment the asset passes roughly $54,000 per Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear phase took Bitcoin between $100 billion and $200 billion and is now on track to break past $1 trillion any day now.
Could this once again create a situation where another zero gets added to the end before the mania is over, taking the total Bitcoin market cap to $10 trillion before its all said and done?
Only a 5% move is needed to take the BTC market cap above $1 trillion | Source: CRYPTOCAP-BTC on TradingView.com
Replacing The Gold Standard With An All-Digital Narrative
At a $10 trillion market cap the price per public companies began buying BTC.
Gold began a bull phase slightly before Bitcoin, but once the pandemic struck, the two assets diverged and crypto took control over incoming capital.
Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026
As soon as Bitcoin’s trend picked up in momentum, outflows from the gold market made its way into crypto and the flood gates have been open ever since.
A $10 trillion market cap in the top cryptocurrency would almost certainly come at the expense of the aging physical metal. At more than gold’s market cap, the only asset it will have left to beat, is the dollar.
At $100 billion Bitcoin cemented its place in the financial world. At $1 trillion, that cement has built a foundation at which the cryptocurrency has a real chance to become the most dominant asset in the world.
Featured image from Deposit Photos, Charts from TradingView.com