The largest asset’s market cap has taken new proportions with its recent price action, surpassing Ethereum’s market cap by a trillion dollars.
As BTC’s price surges again toward the $70,000 mark, eyeing a much-anticipated breakthrough, the asset’s market capitalization has grown to overshadow Ethereum’s market cap by over a trillion dollars. The growing market cap and asset price, especially in very recent times, indicate that the asset has more momentum to grow in the coming times.
Glassnode’s lead analyst, James Check, mentioned on X, “Bitcoin now has a $1 Trillion market cap lead over Ethereum, a new ATH for the spread.” However, he does not feel the same way about ETH, saying it could not witness a price comeback like Bitcoin is witnessing. According to CoinMarketCap data, ETH’s market cap stands at about $330 billion at the time of writing. BTC’s stands at $1.36 trillion. BTC’s highest market cap came on May 21, as it reached over $1.41 trillion.
Around that time, its price had recovered from the drop it witnessed after recording an all-time high (ATH) in March. It looked like it would surpass the ATH but did not, only to keep falling and moving below the $70,000 mark. It also dropped to below $55,000 but mostly traded above $60,000 since. It looks like it can finally get past the $70,000 level again.
Bitcoin Contends With the Top 10 Assets By Market Cap
Currently, the largest crypto asset’s market cap is ranked 10 in a list on CompaniesMarketCap ranking assets by market cap, including company shares. Gold is the leader, boasting $18.45 trillion in market cap, followed by Apple and Nvidia, showcasing $3.57 trillion and $3.39 trillion. Nevertheless, the Bitcoin market cap is currently above well-known conglomerates like Berkshire Hathaway, Tesla, Walmart, JPMorgan Chase, and Visa.
Bitcoin maximalist Fred Krueger took to X to quote BlackRock CEO Larry Fink, “’Bitcoin will become as big as the US housing market.’” He added, “Let’s estimate 100 Trillion by 2040. That is 76x Bitcoin’s 1.3 Trillion market cap.” He also stated that he thinks BTC’s price could go up to $5 million. Crypto analyst Dylan LeClair appeared on an October 15 interview with Fox Business and said, “This is a $100 trillion idea, this is a $100 trillion technology.”
Bitcoin for Freedom, a pseudonymous X account advocating for the asset, stepped in to say that we are still in the early days of BTC and its price and market cap would expand immediately as purported by others. “The Fed printed $16T during the pandemic. That’s x12.4 the current Bitcoin market cap.” adding, “We are very early!”
