Bitcoin Has $1 Trillion Lead on Ethereum
22 Oct, 2024 ● Crypto News
The market capitalization of Bitcoin has reached $1.35 trillion, now exceeding that of Ethereum by more than $1 trillion, with BTC trading just above $68,000.
The 8.9% increase in Bitcoin’s market cap — representing the total value of all circulating Bitcoin — since Oct. 12 has fueled speculation that Bitcoin may have significant 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 remarked in an Oct. 19 X post.
Check also responded to an X user who claimed that Ethereum’s “comeback will be glorious,” by playing the devil’s advocate, stating “it may not.”
Currently, Ethereum’s market cap is $318.32 billion.
This development comes as Bitcoin hit $67,000 for the first time since July 28, which was also the last time its market cap reached $1.34 trillion, according to TradingView data.
As of publication, Bitcoin is trading at $68,152.
Bitcoin’s all-time high market cap was $1.41 trillion, reached on May 21. It is now ranked tenth among the world’s assets by market cap, just behind Meta Platforms (Facebook) shares, which have a market cap of $1.46 trillion.
Gold remains the largest asset by market cap, standing at $18.38 trillion, according to CompaniesMarketCap data.
Bitcoin maximalist Fred Krueger projected:
“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.”
Bitcoin enthusiast Kyle Chasse urged his 219,600 X followers to “Do the f*cking math!” while referencing BlackRock CEO Larry Fink’s comparison of Bitcoin to the “early days” of the mortgage market.
Similarly, crypto analyst Dylan LeClair shared his 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 believe there are no signs of overvaluation in Bitcoin yet.
“The Fed printed $16T during the pandemic. That’s x12.4 the current Bitcoin market cap. We are very early,” noted pseudonymous crypto investor Bitcoin for Freedom in an X post.
Sources:
https://cointelegraph.com/news/bitcoin-ethereum-crypto-market-capitalization-68k-price
https://x.com/_Checkmatey_/status/1847495532807410057
https://x.com/_Checkmatey_/status/1847497070019826147
https://companiesmarketcap.com/gbp/assets-by-market-cap/
https://x.com/dotkrueger/status/1845928623351779481
https://x.com/kyle_chasse/status/1845890221386412527
https://x.com/EricBalchunas/status/1845944946991276494
