Bitcoin’s (BTC) market capitalization has reached $1.35 trillion, now over $1 trillion more than the number two cryptocurrency, Ethereum, amid BTC’s price trading just above $68,000.
The 8.9%% rise in Bitcoin’s market cap — the total value of all virtual issued money — since Oct. 12 has sparked further speculation that Bitcoin has plenty of upward momentum left.
“Bitcoin now has a $1 Trillion market cap lead over Ethereum, a new ATH for the spread,” Glassnode lead analyst James Check opined in an Oct. 19 X post.
Check further challenged an X user who claimed that Ethereum’s “comeback will be glorious,” by playing the devil’s advocate and writing “it may not.”
BTC market cap now $1T larger than ETH
Meanwhile, Ethereum’s market cap stands at $318.32 billion.
This comes as Bitcoin hit $67,000 for the first time since July 28, according to TradingView data, which was also the last time its market cap was at $1.34 trillion.
At the time of publication, Bitcoin is trading at $68,152.
On May 21, Bitcoin’s reached its all-time high market cap, $1.41 trillion.
It is currently ranked tenth among the world’s assets by market cap, just behind Meta Platforms (Facebook) shares, with a market cap of $1.46 trillion.
Gold stands as the largest asset by market cap, with a market cap of $18.38 trillion, according to CompaniesMarketCap data.
Bitcoin maximalist Fred Krueger stated:
“Let’s estimate 100 Trillion by 2040. That is 76x Bitcoin’s 1.3 Trillion market cap. In other words, Bitcoin is going to 5 Million.”
Analysts say BTC market cap has plenty of room for growth
Bitcoin maxi Kyle Chasse told his 219,600 X followers to “Do the f*cking math!” while pointing to BlackRock CEO Larry Fink’s comments comparing Bitcoin to the “early days” of the mortgage market.
Related: Tesla moves entire $765M Bitcoin stash to unknown wallets
Meanwhile, Crypto analyst Dylan LeClair shared a similar view during an Oct. 15 interview with Fox Business, stating, “This is a $100 trillion idea, this is a $100 trillion technology.”
Meanwhile, some traders opine that there are no signs of frothiness in Bitcoin just yet.
“The Fed printed $16T during the pandemic. That’s x12.4 the current Bitcoin market cap. We are very early,” pseudonymous crypto investor Bitcoin for Freedom opined in an X post.
Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’
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