On Oct. 19, Bitcoin (BTC) remained near a key breakout level, briefly touching $69,000 before pulling back. With BTC trading just above $68,000, its market capitalization has surged to $1.35 trillion, now exceeding Ethereumâs market cap by over $1 trillion.
The 8.9% increase in Bitcoinâs market cap since Oct. 12 has fueled speculation about continued upward momentum. âBitcoin now has a $1 Trillion market cap lead over Ethereum, a new all-time high for the spread,â Glassnode lead analyst James Check noted in an Oct. 19 post on X.
While Bitcoinâs market cap has reached $1.35 trillion, Ethereumâs stands at $318.32 billion. This development follows Bitcoin hitting $67,000 for the first time since July 28, when its market cap was last at $1.34 trillion.
At the time of writing, Bitcoin is trading at $68,152, slightly down by 0.30% since Oct. 19. Bitcoinâs all-time high market cap was $1.41 trillion on May 21. Currently, Bitcoin ranks tenth among global assets by market cap, just behind Meta Platforms (Facebook) with $1.48 trillion.
Gold remains the largest asset by market cap, valued at $18.38 trillion, according to CompaniesMarketCap.
Bitcoin maximalist Fred Krueger highlighted Bitcoinâs potential, saying, âThe market is currently $50 trillion. Letâs estimate $100 trillion by 2040. Thatâs 76 times Bitcoinâs $1.3 trillion market cap. In other words, Bitcoin is going to $5 million.â
Other analysts echo this optimism. Kyle Chasse urged his followers to âdo the math,â citing BlackRock CEO Larry Finkâs comparison of Bitcoin to the âearly daysâ of the mortgage market. Similarly, crypto analyst Dylan LeClair referred to Bitcoin as a â$100 trillion ideaâ during an Oct. 15 Fox Business interview.
Some traders argue that Bitcoin still shows no signs of excessive speculation. âThe Fed printed $16T during the pandemic. Thatâs 12.4 times the current Bitcoin market cap. We are very early,â stated pseudonymous crypto investor Bitcoin for Freedom in a recent post.