Bitcoin's Ascent: How Close Is It to Becoming the Ultimate Asset?

Bitcoin's Climb: How Close to the Top?

The Cryptocurrency Market is currently one of the world's most popular Markets, largely due to the leading Cryptocurrency, Bitcoin. Bitcoin has not only provided users with significant profits since its inception but has also achieved an all-time high of around $73,737 in March 2024, trading at approximately $67,103 at present. With a market capitalization of about $1.31 trillion, Bitcoin ranks ninth on the list of the world's largest assets. Ahead of BTC in the list are Gold, Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Google (GOOG), Saudi Aramco (2222.SR), Amazon (AMZN), and Silver. Silver, holding the eighth position, has a Market Cap of $1.83 trillion. It is speculated that BTC will easily surpass Silver to become the eighth largest asset in the coming days by adding $500 billion to its market cap. According to experts, if BTC reaches a price of $93,000, it will surpass Silver in market cap.

Coin Gabbar thinks BTC needs to go up by 40% to beat Silver in market value, which seems doable now. Bitcoin recently had its Halving Event, making its prices shoot up fast. This happened because the rewards for mining new Bitcoins got cut in half, which means fewer Bitcoins will be made, and their prices might go up. People are saying BTC could hit $100,000 soon. Big owners of cryptocurrency websites even say it might happen by the end of 2024.

Will Bitcoin reach the first position as the ninth largest asset?

Bitcoin, with a market cap of around $1.31 trillion, currently ranks as the ninth largest asset globally, while Gold holds the top spot with a market cap of nearly $16 trillion. To reach the first position, Bitcoin's price would need to increase by roughly 13 times, which seems challenging given the market's unpredictability. However, Bitcoin has demonstrated impressive performance over the years, growing by 98896.4% in the past 11 years. Although Gold is trusted by many due to its historical significance, Bitcoin has gained popularity but hasn't reached Gold's level of recognition yet. While Bitcoin's price may continue to rise, it might take 2 to 3 years for Bitcoin to surpass Gold in market cap. Looking long-term, Bitcoin has the potential to become the world's largest asset in the next 5 to 10 years.

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