Key Takeaways
- Bitcoin's market cap exceeds silver, reaching $1.42 trillion.
- Positive momentum from BTC Spot ETFs drives robust price action.
- Bitcoin's next target is Alphabet, with sights set on gold.
Bitcoin’s market capitalization has surged to $1.42 trillion, surpassing silver and positioning it as the world’s eighth most valuable asset.
This milestone was reached as Bitcoin’s price soared past $72,000, setting a new all-time high.
Spot ETFs drive positive momentum
The robust performance of Bitcoin has been attributed to the positive momentum of BTC Spot ETFs.
Matteo Greco, a research analyst at Fineqia Capital, noted:
The robust price action continues to be fueled by the positive momentum of BTC Spot ETFs.
This sentiment is further supported by the London Stock Exchange’s decision to accept applications for Bitcoin and Ether exchange-traded notes (ETNs).
Next target: Alphabet
Bitcoin’s next target is Alphabet, Google’s parent company, which currently holds a valuation of just under $1.7 trillion.
Some Bitcoin bulls are even setting their sights on gold, the world’s most valuable asset, with a market cap of $14.7 trillion.
To surpass gold, Bitcoin’s price would need to rise more than tenfold, exceeding $720,000 per token.
