Bitcoin price surged from nowhere to more than $56K in the past decade and expected to go 100x in the coming days
With the swelled price, the market capitalization of bitcoin hits the milestone of $1 trillion giving a tough fight for the traditional assets like silver and probably gold.
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Bitcoin price rally in recent times had a historic bull run that smashed the levels above the expectation. The price which was just an inch close to becoming a trillion-dollar asset smashed the highest levels above $56K within just a couple of days.
As expected, the BTC price rally may grow 100x in the coming days smashing the higher levels of $100K by end of 2021 as predicted by many analysts. However, popular crypto analysts, il Capo of Ethereum predicts the bull run may hit the levels of $80K.
The analysts also predicted the bull run may lead price to levels around $60K followed by a pullback towards the levels around $42K. However, further BTC price is expected to follow a potential path to attain the levels close to $80K.
Will Bitcoin price rally hit Gold market cap?
The rise in the mainstream adoption of cryptocurrency amid swelling uncertainty over the fiat currency wedged a portion of the market cap of the traditional assets. Assets like Gold, Silver are among them.
The Gold with market cap of more than $11 trillion at the time of writing mountain tops the list of the assets with highest market cap. On the other hand, Bitcoin which has just attained the milestone of being a $1 trillion asset sits on eighth position.
However, the Gold price per ounce still remains below $2000 at $1784, just initiated to recover loss after a plunge to the levels around $1760. Conversely, Bitcoin price hit the highest ever levels above $56K when Gold price maintains its narrow trend.
Therfore we can now presume that Bitcoin market has apprerently diluted the Gold market by eating a large share. Moreover, according to a statement on CNBC, if there was no Bitcoin, gold price would have been trading at $3000 today as cited by the Editor-in-cheif of Kitconewsnow, Daniela Cambone-Taub.
Therefore by attaining the $1 trillion dollar market cap milestone, Bitcoin has proved to be one of the most valuable asset which has store of value and hence can be relied upon. The Bitcoin price rally is expected to hit $100K or more by the end of 2021 and hence the market cap will also rise accordingly.
Collectively, the day when Bitcoin clinches the first position on the leaderboard may not be ruled out as it attained the milestone in just a decade of its inception. Bitcoin price rally from nowhere to more than a trillion-dollar asset is historical and many expect it to be the most valued asset, starting with flipping Silver at the earliest.