Bitcoin surpasses silver’s market cap as momentum builds for $100K
Bitcoin hit a historic milestone, with its market cap reaching $1.75 trillion, surpassing silver’s $1.732 trillion and marking its position as the world’s eighth-largest asset. The cryptocurrency surged past $90,000 before easing, buoyed by strong institutional interest and growing demand for spot Bitcoin ETFs. Despite this rally, analysts note potential resistance from overbought conditions, with support around the $75,000 and $71,200 levels.
Crypto regulations and political support
This achievement highlights Bitcoin’s increasing mainstream acceptance, with recent U.S. elections paving the way for pro-crypto regulatory optimism. Reduced election uncertainty, rising institutional inflows, and declining interest rates have all strengthened Bitcoin’s position. Experts like Chris Chung and Lukas Enzersdorfer-Konrad attribute this momentum to high investor confidence, as Bitcoin is now seen as a “safe asset” amidst market volatility.
Bitcoin’s market cap and impact on financial markets
Bitcoin’s surge has reverberated across related assets. The “Bitcoin Industrial Complex,” including stocks like Coinbase and MicroStrategy, saw record trading volumes, reflecting broader market enthusiasm. Bitcoin’s market cap now trails only seven major assets, with gold maintaining a substantial lead. However, analysts believe Bitcoin’s finite supply and increased acceptance could fuel further gains.
BTC technical analysis: Road to 100?
Bitcoin trades close to $90K, with momentum indicators showing overbought levels, hinting at possible near-term resistance. Key support zones stand at $75,000 and $71,200, while resistance at the upper Bollinger band could challenge further gains. Analysts remain optimistic about the path to $100K, with six-figure targets anticipated by 2025 as ETF demand rises.
Read the full article here: https://www.finextra.com/blogposting/27194/bitcoin-surpasses-silver-in-market-cap-will-it-hit-100k
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