Bitcoin surpasses Tesla to become the tenth largest asset in the world

Bitcoin has risen more than 12% in value over the past week and has reached a market capitalization of almost $1 trillion. Bitcoin is now on the list of the world’s ten largest assets, surpassing big names like Elon Musk’s Tesla, payments giant Visa and JPMorgan bank. At the time of writing this article, Bitcoin is trading in the $48,379 range.

It is worth remembering that Bitcoin easily leads the digital currency sector, with Ethereum, the second largest cryptocurrency by market capitalization, occupying only the 36th position on this global list.

At the top of this list we find gold, with a capitalization of $13.6 trillion, despite having experienced a small decline recently.

Bitcoin market cap
Bitcoin market cap

Bitcoin is aiming for $50,000

In early 2024, it looked like Bitcoin’s price would easily reach $100,000. By 2023, the price had risen by more than 150% and was trading around $45,000.

Everyone was excited because Wall Street was starting to see Bitcoin as a serious investment and new Bitcoin investment funds known as ETFs arrived promising to attract more money to the coin.

But things didn’t go as expected. Since ETF trading, the price of Bitcoin has fallen by almost 10%. Still, the idea of ​​investing in Bitcoin through ETFs is catching on and there may still be a chance that Bitcoin will rise.

A big change came from Ark Invest, which said investors should put more money into Bitcoin, increasing the recommendation from 6.2% to 19.4% of what they invest. If everyone did this, the price of Bitcoin could rise to $2.3 million per coin.

Additionally, Bitcoin has another major event this year: the halving, an event that occurs approximately every four years and halves the reward Bitcoin miners earn.

The previous times this happened, the price of Bitcoin skyrocketed. The next halving will take place in April and many people are hoping that this will cause the price to rise again, and perhaps even reach a new all-time high.

But there are concerns. As more large investors enter the market, the currency may become less volatile and behave more like other traditional investments. This may be good for those who want a safe investment, but it could make it harder for Bitcoin’s price to quickly rise to a million dollars or more.

However, there is still optimism that Bitcoin could cross the $100,000 mark by the end of the year.

The optimism is palpable, with enthusiastic predictions for the future. Experts in the field, including Ki Young Ju, CEO of CryptoQuant, predict a potential increase in the price of the digital coin, even suggesting that it could reach as high as $112,000 by mid-year.

These analyzes and forecasts highlight the growing confidence and interest of investors in Bitcoin, indicating that the cryptocurrency could continue its upward trajectory in the global financial market.

Source: Live Coins

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