Bitcoin shoots past Tesla and Facebook to become world's sixth-largest asset
- As the overall crypto market capitalization exceeds $3 trillion, Bitcoin has surpassed Tesla and Facebook.
- Rumors of a Bitcoin spot ETF approval this week persist; analysts debate impact on BTC price.
- A millionaire who sold a crypto hedge fund for $35 million predicts that Ethereum could flip Bitcoin in the current bull cycle.
- Analysts debate the relevance of the Stock To Flow model and year-end BTC price target above $100,000.
Bitcoin recently hit a new all-time high of $67,276. The asset's market capitalization has crossed $1.24 trillion, and BTC dominance is 41%.
Bitcoin market cap surpassed Tesla and Facebook in the ongoing bull run
Bitcoin price has recovered from the drop over the weekend, posting 7% gains over the past week. As Bitcoin's Taproot upgrade inches closer, the asset continues its upward climb. Crypto strategists and traders have confirmed that BTC is showing signs of strength.
The spike in market capitalization makes Bitcoin the sixth-largest asset globally, leaving Tesla and Facebook behind.
The pseudonymous analyst @TheCryptoDoge is bullish on Bitcoin and believes that BTC will hit a new all-time high. He states,
Can't forget or discount how bullish BTC is. Bullish consolidation at all-time highs. It's going to trend hard soon. Prime setup, safest, most worry-free asset on the planet. There is no greater comfort than cold storage Bitcoin.
The approval of ProShares Bitcoin futures ETF triggered a rally in the asset, and Twitter is abuzz with rumors of the approval of a BTC spot ETF.
Michael Saylor, CEO of MicroStrategy, was recently quoted:
Once these spot ETFs roll, I think you'll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.
A spot ETF approval in the coming week could further strengthen the BTC price rally.
Rahul Rai, a 24-year-old crypto hedge fund founder, believes that Ethereum could overtake Bitcoin in the next six months or so. Analysts are now debating end-of-year price targets for Bitcoin.
@rektcapital, a pseudonymous cryptocurrency analyst, considers that Bitcoin price is on track to meet "Stock to Flow Model" end of year targets.
Inevitably, it is going to be the buy-side interest that propels Bitcoin into a new uptrend or rather uptrend continuation.
FXStreet analysts have evaluated BTC price trend and predicted that Bitcoin might consolidate since the asset has found strong support.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
