Prior to today’s fresh surge, several analysts speculated that the price of Bitcoin could reach even greater heights, with predictions suggesting its market capitalization could surpass $1.5 trillion. With the current price hovering around $64,000, its market capitalization stands at approximately $1.3 trillion.
“Bitcoin is poised to make significant strides in the financial landscape, with experts predicting it will eventually capture about a quarter of the monetary gold market,” emphasized Jurrien Timmer, Global Macro Director at Fidelity, in a recent post.
He mentioned that with the current monetary gold valued at around $6 trillion and Bitcoin’s market capitalization at $1 trillion, Timmer estimates that the value of Bitcoin could soar to $1.5 trillion if it successfully captures a quarter of the gold market share.
This optimistic outlook aligns with the previous surge in Bitcoin, which experienced a substantial increase of 10 percent to $57,000. This bullish momentum is linked to two key factors: the anticipated Bitcoin Halving expected in mid-April 2024 and the market’s anticipation of approval by the Securities and Exchange Commission (SEC) for a Spot ETH ETF. This ETF could boost demand for ETH crypto and attract the market towards several popular tokens issued on the Ethereum blockchain.