Bitcoin's market capitalization has surpassed $1.35 trillion, $1 trillion more than the valuation of the second-largest cryptocurrency, Ethereum, as BTC price trades above $68,000.
The 8.9% increase in Bitcoinâs market capitalization â the total value of all issued coins â since October 12 has sparked speculation that Bitcoin still has more growth momentum. Glassnode chief analyst James Check noted:
âBitcoin now has a market capitalization that is $1 trillion more than Ethereum, setting a new record price premium.â
Check also disputed a claim on X that âEthereumâs comeback will be glorious,â suggesting that it may not happen.
At press time, Ethereum's market cap is $319 billion. Data from TradingView shows that the event occurred as Bitcoin hit $67,000 for the first time since July 28, when its market cap hit $1.34 trillion.
On May 21, Bitcoin reached an all-time high market capitalization of $1.41 trillion. Bitcoin is currently ranked tenth on the list of global assets by market capitalization, behind only Meta Platforms (Facebook) stock with a capitalization of $1.45 trillion.
Gold is now the world's largest asset with a market capitalization of $18.3 trillion, according to data from CompaniesMarketCap.
Fred Krueger, a Bitcoin maximalist, predicted:
âWe can expect a market capitalization of $100 trillion by 2040, which is 76 times Bitcoinâs current $1.3 trillion. This means Bitcoin could be worth $5 million.â
In an interview with Fox Business on October 15, analyst Dylan LeClair shared a similar view, noting: âThis is a $100 trillion technology.â
However, some traders still believe that there is no sign of a bubble forming in the Bitcoin market. An anonymous investor, Bitcoin for Freedom, commented:
âThe Fed has printed $16 trillion during the pandemic. Thatâs 12.4 times Bitcoinâs current market cap. Itâs too early to talk about a bubble.â
