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 Ethereum’s market cap by over $1 trillion.

The 8.9% increase in Bitcoin’s market cap since Oct. 12 has fueled speculation about continued upward momentum. “Bitcoin now has a $1 Trillion market cap lead over Ethereum, a new all-time high for the spread,” Glassnode lead analyst James Check noted in an Oct. 19 post on X.

While Bitcoin’s market cap has reached $1.35 trillion, Ethereum’s 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. Bitcoin’s 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 Bitcoin’s potential, saying, “The market is currently $50 trillion. Let’s estimate $100 trillion by 2040. That’s 76 times Bitcoin’s $1.3 trillion market cap. In other words, Bitcoin is going to $5 million.”

Other analysts echo this optimism. Kyle Chasse urged his followers to “do the math,” citing BlackRock CEO Larry Fink’s comparison of Bitcoin to the “early days” of the mortgage market. Similarly, crypto analyst Dylan LeClair referred to Bitcoin as a “$100 trillion idea” during an Oct. 15 Fox Business interview.

Some traders argue that Bitcoin still shows no signs of excessive speculation. “The Fed printed $16T during the pandemic. That’s 12.4 times the current Bitcoin market cap. We are very early,” stated pseudonymous crypto investor Bitcoin for Freedom in a recent post.