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Bitcoin’s market cap has surged to $1.35 trillion, creating a $1 trillion lead over Ethereum. With BTC trading above $68,000, bullish momentum continues, leaving traders speculating on Bitcoin’s long-term potential to sustain its dominance in the cryptocurrency market and reach higher price levels.
Bitcoin’s Market Cap Surges to New Highs
As of right moment, with BTC trading at little over $68,000, the market capitalization of Bitcoin is $1.35 trillion, which is more than $1 trillion higher than Ethereum, the second largest cryptocurrency.
The total value of all virtual money has increased by 8.9% since October 12, leading many to believe that Bitcoin still has a lot of room to grow in value, Cointelegraph reports.
Analysts Debate Bitcoin’s Lead Over Ethereum
"Bitcoin now has a $1 Trillion market cap lead over Ethereum, a new ATH for the spread," lead analyst James Check of Glassnode said in a post on Oct. 19 (X).
In a follow-up to an X user's assertion that Ethereum's "comeback will be glorious," Check played devil's advocate by stating, "it may not."
The market capitalization of Ethereum, meanwhile, is $318.32 billion.
Bitcoin Trading Above $68,000 Since July
This occurred at the same time as Bitcoin's market cap surpassed $1.34 trillion for the first time since July 28, when it touched $67,000, according to statistics from TradingView.
Bitcoin is now trading at $68,152 as of publishing.
Bitcoin Eyes New Record High Market Cap
The market capitalization of Bitcoin hit a new record high of $1.41 trillion on May 21.
At $1.46 trillion, it is the tenth most valuable asset in the world, right behind Facebook shares held by Meta Platforms.
Gold Still Dominates the Market Cap Rankings
Based on statistics from CompaniesMarketCap, gold has the greatest market cap of any asset at $18.38 trillion.
“Maximist” Bitcoin advocate Fred Krueger said:
Bold Predictions for Bitcoin’s Future Value
Maximum Bitcoin Kyle Chasse exhorted his 219,600 X followers to "Do the f*cking math!" in response to BlackRock CEO Larry Fink's analogy of Bitcoin to the "early days" of the mortgage industry.
Regarding the same topic, Tesla has transferred its entire $765 million Bitcoin holdings to mystery wallets.
"This is a $100 trillion idea, this is a $100 trillion technology," crypto analyst Dylan LeClair said in an interview with Fox Business on October 15th.
Some Traders Believe Bitcoin’s Rally is Just Beginning
At the same time, there are traders who believe Bitcoin is not showing any signs of frothiness at the moment.
Over the course of the pandemic, the Federal Reserve printed $16 trillion. As of right now, the market cap for Bitcoin is x12.4. In an X post, the anonymous crypto investor Bitcoin for Freedom expressed their belief that it is still in its early stages.
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