Bitcoin’s total capitalization (BTC) first crossed the trillion dollar mark after more than a decade of development. Bitcoin is now around 10% of the capitalization of gold.
A trillion dollar asset
The total capitalization of Bitcoin Circuit exceeded $ 1 trillion for the first time on Friday. One year to the day, Bitcoin’s capitalization did not exceed $ 175 billion.
The price of BTC set a new record by surpassing $ 56,368 overnight Saturday , after rising 6.45% in the past 24 hours . This increase comes just 4 days after having exceeded for the first time the symbolic bar of 50,000 dollars.
After hitting a new price record, Bitcoin surpassed the capitalization of Chinese tech giant Tencent. The best-known cryptocurrency is now in sixth position in the ranking of the most capitalized companies in the world, just behind Google and Amazon.
Quantum Economics analyst Jason Deane said:
“Make no mistake, this is an incredibly important step. It adds significant weight to the asset class and makes it increasingly difficult for critics to dismiss it as a niche, experiment, or passing fad. Bitcoin is coming of age . “
The entire cryptocurrency market has a capitalization of approximately $ 1.7 trillion. Thus, Bitcoin alone represents more than 60% of the market .
Next step ?
On-chain data analyst Willy Woo suggested that the $ 55,000 threshold was a milestone for BTC as it reached 10% of gold market cap . Indeed, the precious metal has a capitalization of around 10.5 trillion dollars.
Analyst PlanB with 275,000 Twitter followers , also known by his username @ 100trillionUSD, has released several statistical models aimed at modeling the value of Bitcoin. According to the versions of the statistical model, Plan B estimates the price of Bitcoin at $ 288,000 (S2FX model), $ 100,000 (S2Fv2 model) and $ 55,000 (S2Fv1 model) in 2021. For a total capitalization of approximately 5,300 billion dollars for the most optimistic prediction.
The famous PlanB analyst very recently said:
“In the Old World, your money loses its value as governments debase currencies to finance their war and their welfare state. In the New World, Bitcoin rises in value, because mathematics caps the monetary base at 21M BTC. The New World is eating the old right now. „