Bitcoin: The Pioneering Cryptocurrency’s Journey to New Heights
Bitcoin (BTC), the original and leading cryptocurrency, has consistently held the highest market capitalization among all digital assets. However, its journey has been anything but smooth. The cryptocurrency’s inherent volatility has led to dramatic price swings, resulting in rapid increases or decreases in its market cap over short periods.
Bitcoin’s Roller Coaster Ride in 2024
The year 2024 began on a promising note for Bitcoin with a strong first quarter. However, this was followed by a prolonged period of sideways trading, marked by a lack of definitive trends. Come mid-October, the scenario shifted dramatically. A bullish wave swept over Bitcoin and the broader crypto market, fueled by renewed recession concerns and the political landscape, notably the election of pro-crypto candidate Donald Trump in the 2024 U.S. presidential race.
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Bitcoin’s New Milestone: Surpassing $100,000
Despite facing some hurdles, Bitcoin has reached unprecedented heights, surpassing the $100,000 mark for the first time. As of now, Bitcoin is trading at approximately $102,632. This latest surge has propelled Bitcoin to a significant milestone, positioning it as the 10th largest currency worldwide. This development not only reinforces its status as a speculative investment but also as a potential store of value.
Bitcoin’s Market Capitalization: A Global Perspective
As Bitcoin’s circulation nears 19,790,568 BTC, its market capitalization has exceeded that of the Australian Dollar, which equates to approximately 19,485,928 BTC. According to data from FiatMarketCap, Bitcoin’s total market cap has also surpassed those of several fiat currencies linked to major economies, including the Swiss Franc, New Taiwan Dollar, and Brazilian Real.
The Next Target: Hong Kong Dollar
Currently, Bitcoin is trailing behind the Hong Kong Dollar, whose total market capitalization is valued at about 22,867,604 BTC. To overtake the HKD, Bitcoin would require an additional 15% increase in value—a feasible goal considering past market trends.
The Future Outlook: BTC’s Path to Greater Heights
As Bitcoin continues its ascent towards $110,000, approximately $8 billion in short positions face potential liquidation. Should this occur, the ongoing bull run could gain further momentum due to increased buying pressure. In the long term, technical analysis based on Fibonacci levels, as shared by trading expert TradingShot, suggests that Bitcoin could reach around $140,000 by early 2025. Although this would still leave its market cap slightly below that of the Hong Kong Dollar, it seems likely that surpassing it is only a matter of time.
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