Bitcoin is massive – at $1.35 trillion – leaving Ethereum far behind as its market capitalization trails at $318 billion.
As Bitcoin continues to chip away at $68,000 and continue its winning trend with great force, talk of its further gains rose. As such, BTC market cap grew by 9% since October 12 for this week; this precipitated optimism in the crypto world.
According to a tweet published on October 19, lead analyst at Glassnode, James Check wrote:
“Bitcoin now hаs а $1 trillion market cap lеаd ovеr Ethеrеum, а nеw ATH for thе sprеаd.”
This coincides with Bitcoin reaching its highest price since July 28, surpassing $67,000, the same market value it held when it exceeded $1.34 trillion.
Long-Term Trajectory And Optimism
A price shock that took place just recently still has Bitcoin 22% less than its record all-time high in market capitalization of $1.41 trillion achieved back in May 2021. Still, overall opinions on the long-term trend continue being optimistic.
Bitcoin maximalist Fred Krueger predicts a global market capitalization of an unprecedented $100 trillion by 2040–an impressive 76-fold increase in market cap and a price target of around $5 million per Bitcoin.
“Bitcoin will become as big as the US housing market”
— Larry Fink.That market is currently 50 Trillion. Let’s estimate 100 Trillion by 2040. That is 76x Bitcoin’s 1.3 Trillion market cap.
In other words, Bitcoin is going to 5 Million. Source: the most important person in…
— Fred Krueger (@dotkrueger) October 14, 2024
Several other crypto leaders have voiced similar sentiments. Bitcoin proponent Kyle Chasse spoke to the immense growth potential, referring to how BlackRock CEO Larry Fink has likened Bitcoin to the early stage of the mortgage market.
UNHOLY ALPHA FROM BLACKROCK!!! 🔥🚨
LARRY FINK SAYS #BITCOIN WILL BE AS BIG AS THE HOUSING MARKET!!! 🤯🤯
US HOUSING MARKET = $49.6 TRILLION $BTC MARKET CAP = $1.3 TRILLION
DO THE F*CKING MATH!!! pic.twitter.com/teunMZgy6H
— Kyle Chassé / DD🐸 (@kyle_chasse) October 14, 2024
Bitcoin Price Forecast
Meanwhile, the latest estimate for the price of Bitcoin states that by November 20, 2024, it will have increased by 36% to reach $91,917. The Fear & Greed Index is currently reading 72 (Greed), according to technical indicators, while the sentiment is currently Neutral.
Over the previous 30 days, Bitcoin had 16/30 (53%) green days and 3.54% price volatility. The Bitcoin forecast indicates that this is a favorable moment to purchase Bitcoin.
Featured image created with DALL.E, chart from TradingView