Bitcoin Hits $65,500: Approaching All-Time High
Bitcoin prices surged to $65,500 in early trading on Monday, March 4. This move pushed the asset to its highest price since November 2021 and brought it just 5% away from its all-time high, which was also reached in that month.
BTC has experienced significant growth, gaining over 300% from its cycle low of just below $16,000 in December 2022. In addition, it has recently printed the largest green candle in history for February.
Bitcoin Market Cap Competes with Major Companies
The Kobeissi Letter, a macroeconomics outlet, compared Bitcoin’s market capitalization to that of major companies. The market cap of BTC, which currently stands at $1.3 trillion, places it among the top 10 largest financial assets globally.
“If Bitcoin was a company, it would be the 8th largest public company in the world,” commented Kobeissi after the price pump.
This valuation surpasses that of Tesla, which has a market cap of just below $1.3 trillion. Additionally, Bitcoin’s market cap is slightly higher than Meta Platforms’ market cap of $1.28 trillion according to Companies Marketcap data.
Moreover, the total market capitalization of all cryptocurrencies has reached $2.5 trillion. Although this is larger than Nvidia’s market cap by $500 billion, it still falls short compared to Microsoft and Apple.
The overall crypto capitalization is currently 20% below its peak level of $3.08 trillion achieved in November 2021.
Bitcoin Drives Markets as Altcoins Await Their Turn
Bitcoin continues to drive the markets, as is typical in bull cycles, before altcoins catch up. BTC dominance currently stands just above 50%, indicating that an altseason is unlikely until this dominance drops significantly below that line.
Technical analyst Willy Woo predicts that Bitcoin’s price will reach $125,000 if clients of the two largest ETF providers rotate 3% of their exposure into the asset.
“BTC price will go past $125k minimum before the end of 2025 just from Blackrock and Fidelity clients if they rotate 3% exposure to Bitcoin.”
Altcoins Outperforming Bitcoin
Total capitalization in the crypto market has increased by 2.7% on the day, reaching its highest level since December 2021. While Bitcoin remains the market leader with a 5% daily gain, several altcoins are currently outperforming it:
- Dogecoin (DOGE) has gained 25% on the day and reached $0.16
- Polkadot (DOT) is priced around $10 after an 8% gain
- Other altcoins experiencing gains include Filecoin (FIL), Near Protocol (NEAR), and Stacks (STX)
Hot Take: Crypto Market Continues to Soar π
The cryptocurrency market is experiencing a significant surge, with Bitcoin leading the way towards new all-time highs. With a market cap of $1.3 trillion, Bitcoin now rivals major companies in terms of valuation.
This bullish trend has also benefited other cryptocurrencies, with altcoins outperforming Bitcoin in recent trading sessions.
As investors and traders eagerly await further developments in the crypto market, the possibility of Bitcoin reaching $125,000 by 2025 remains a topic of discussion.
Overall, the future looks bright for cryptocurrencies as they continue to gain mainstream acceptance and attract significant investment.
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