Bitcoin's market value has reached $1.35 trillion, surpassing its closest rival Ethereum by nearly $1 trillion.
The 8.9 percent increase recorded in Bitcoin's market value as of October 12 has increased expectations among cryptocurrencies that Bitcoin will become even stronger in the coming period.
“Bitcoin currently has a $1 trillion market cap gap against Ethereum, a new all-time high for the market cap,” James Check, chief analyst at blockchain data monitoring platform Glassnode, wrote on social media platform X on Oct. 19. Check also took a cautious approach to predictions of an Ethereum recovery, writing in the same post, “Maybe it won’t happen.”
Looking at historical data, Bitcoin reached an all-time high on May 21 with a market value of $ 1 trillion 410 billion. Currently, it ranks tenth in the global asset ranking, just behind Meta Platforms (Facebook), with a total market value of $ 1 trillion 480 billion. According to CompaniesMarketCap data, the asset with the highest market value, gold, has a size of $ 18 trillion 380 billion. Bitcoin maximalist Fred Krueger made an ambitious prediction about the future of BTC, saying, “I predict that Bitcoin’s market value could reach $ 100 trillion by 2040. This would be 76 times the current value of $ 1.3 trillion. In other words, it is possible for Bitcoin to reach $ 5 million.”
Another Bitcoin supporter named Kyle Chasse referred to BlackRock CEO Larry Fink’s statements comparing Bitcoin to the early days of the mortgage market, telling his 219,600 followers, “Do the math!” Some traders argue that Bitcoin’s market value has yet to show signs of overinflated value. “The Fed printed $16 trillion during the pandemic. That’s about 12 times Bitcoin’s current market value. We’re still very far down the road,” said crypto investor “Bitcoin for Freedom,” sharing his view on X.
All these analyses and comments show that Bitcoin could further solidify its place in the financial markets in the coming years and that current levels are still far below its potential.
