Just this week, BTC hit an all-time high of $68,500, which also brought its market value to $1.3 trillion. The market value surpassed Facebook and Tencent, and squeezed into the top five in the world.
BTC and ETH hit record highs consecutively
Just this week, the cryptocurrency BTC broke through $68,500 for the first time on Monday, setting a record high. Since the beginning of October, the market has been in a slow bull mode. According to CoinMarketCap’s data, the total market value of BTC has reached nearly $1.3 trillion.
As widely reported by the media, more and more investors have gradually accepted BTC as an investment product. They generally believe that BTC is a stored value asset like gold, especially when concerns about inflation increase, cryptocurrency has become a hedging tool in their eyes. At the same time, the blockchain data from Glassnode also proves this point. The number of unique wallets with a balance of more than 0 bitcoin has been restored to around 39 million, which is close to the historical high of 38.7 million in May.
At the same time, Glassnode pointed out in its weekly report on Monday that the balance of Bitcoin on the exchange continues to decline, and the computing power of BTC mining may return to a record high before the end of the year. Before ZG started to crack down on BTC mining, BTC computing power plummeted in July.
In addition, according to a New York report by Reuters on November 8, data from digital asset management company CoinShares shows that so far this year, the inflow of funds into BTC products and funds has reached a record 6.4 billion U.S. dollars. Because investors are buying cryptocurrencies against the backdrop of rising government acceptance and positive trading momentum.
According to data from CoinShares on Monday, the total inflow of funds in the BTC market last week was US$95 million, ranking first among all digital assets. In the eight-week bull market of BTC, the total capital inflow was $2.8 billion.
The second largest cryptocurrency by market value, ETH, also set a record high after BTC on November 10, reaching $4,859.
With the increasing participation of mainstream investors, the value of the world’s cryptocurrency market exceeded US$3 trillion for the first time.
Bitcoin market value exceeds Facebook and Tencent
After BTC rose to US$68,500 and reached a market value of more than US$1.3 trillion, the market value of BTC has surpassed the total market value of social media giants Facebookt and Tencent.
According to the 2021 Hurun Global 500 list, BTC’s market value ranks fifth among major global companies, second only to Apple, Microsoft, Amazon, and Google’s parent company, Alphabe. Ranked fifth.
The recent price increase has brought Bitcoin’s market value close to that of Amazon and Alphabe. Tesla CEO Elon Musk recently announced that he plans to sell his 10% Tesla shares, which may be one of the reasons for the BTC fluctuations over the weekend, when the crypto asset was in less than two hours Inner Mongolia rose from US$62,941 to US$65,512, an increase of more than 4%.
The market value of BTC has exceeded the total value of many fiat currencies. In February of this year, the crypto asset surpassed the Russian ruble. At the same time, the market value of Bitcoin briefly surpassed the Swiss franc in October.
The price of BTC may be as high as $150,000
After the BTC price hit a record high, there was a short correction in the past two days. So, where will the price go next?
Todd Gordon, founder of Inside Edge Capital Management, said that Bitcoin’s recent breakthrough may be supported, but investors should be cautious about how many cryptocurrencies they own.
Approximately 3% of Gordon’s portfolio is invested in various digital assets. With Apple researching encryption technology, due to China’s ban, the rise of the mining industry in the United States, despite its “astonishing” volatility, there are still several upside catalysts in the field.
Gordon prompted, “I am bullish, but the volatility is so high, please be careful and understand what you are dealing with here.”
Gina Sanchez, the founder and CEO of Chantico Global, said in the same interview that even though Fed Chairman Jerome Powell said he did not consider implementing a cryptocurrency ban, it helped trigger the recent Rebound, but the Fed may also become one of Bitcoin’s biggest resistance.
Sanchez said: “As the economy continues to reopen and the numbers begin to heat up, we will see the Fed withdraw at some point.” Its large-scale monetary support reduces market liquidity and may stifle the performance of cryptocurrencies. She is also the chief market strategist of Lido Advisors.
She warned that global central banks considering creating their own digital currencies could also pose a threat.
“In terms of regulation, the central bank’s digital currency may have an advantage, and this is the biggest unknown for cryptocurrency.”
All things considered, she agrees with Gordon’s view that caution is the key.