Bitcoin’s recent surge has continued, with the leading cryptocurrency reaching new highs of $68,000 on Monday on Coinbase. This marks a 7% increase in just 24 hours, adding over $4,100 to its value. Bitcoin is now less than 2% away from its all-time high of $69,044 reached during the 2021 bull cycle.
Analysts believe that Bitcoin still has room to grow, especially with the frenzy around spot Bitcoin ETFs and the upcoming halving that will create a supply shock. ETF analyst Eric Balchunas notes that the increased trading volume seen last week is becoming the “new normal” rather than an anomaly.
In fact, Bitcoin’s market cap has now surpassed that of top assets such as Visa, Tesla, Broadcom, and TSMC. On Monday, Bitcoin’s market cap hit $1.32 trillion, surpassing Meta Platforms and ranking 10th among the largest assets by market cap. It now sits just behind Silver in 9th place, with a market cap of $1.358 trillion.
The recent surge in Bitcoin’s price has also drawn attention to the cryptocurrency’s value and potential. This is evident in the interest of investors and the increasing adoption of Bitcoin as a store of value. As its market cap continues to grow, Bitcoin is solidifying its position as a top asset in the global market.
