Bitcoin Passes $1 Trillion Market Cap and Heads toward $60k Price Point
Bitcoin (BTC) is up today by 3.16%, with a market cap of $1.011 trillion, reaching a new and unprecedented milestone.
Bitcoin has held its top ranking in the crypto market for a long time, but the new $1 trillion market cap is a new frontier for the coin and could help push it even higher. This is the kind of story that will get picked up by news services and will make Bitcoin a mainstream darling for a while.
At the moment, Bitcoin is climbing by 3.16% for the last 24 hours, bringing the rate to $51,570 (BTC/USD) for Wednesday morning. Over the last week, Bitcoin has been under control of the bulls, and they pushed the crypto coin up 20%. These incredible gains are why we think Bitcoin could be headed to $60,000 soon.
The last time Bitcoin went that high was in October of 2021, so for the coin to be surging close to that point again is promising for Bitcoin and the wider cryptocurrency marketplace. As Bitcoin rises, it helps other coins get more attention as well.
Big News from the Crypto Market
It was not just Bitcoin that has big news to report on Wednesday. The wider crypto marketplace is climbing close to $2 trillion for its market cap, which shows renewed interest in this financial industry market. This is the result of more crypto coins entering the market and those that are already there expanding their market caps.
This is not the highest the crypto market cap has ever reached. Back in 2021, when the crypto market was booming, the market cap reached $3 trillion. But what the current surge shows is that the market is recovering from years of economic recession and poor crypto showings.
The market has bullish momentum right now, and if that can continue, it will place the entire market on surer footing and help propel Bitcoin closer to its all-time high. There is no reason to think that Bitcoin could not reach a new record in 2024.
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