Bitcoin Blasts Past $65K as Market Cap Doubles That of Tesla
Bitcoin prices surged to $65,500 in early trading on Monday, March 4. The move has pushed the asset to its highest price since November 2021 and just 5% away from its all-time high, which also came that month.
Moreover, BTC has now gained more than 300% from its cycle low of just below $16,000 in December 2022. It has also printed the largest green candle in history for February.
On March 4, the macroeconomics outlet, the Kobeissi Letter, compared Bitcoin’s market capitalization, which closed in on $1.3 trillion, to some of the world’s major companies.
Bitcoin Market Cap Equals Meta
“If Bitcoin was a company, it would be the 8th largest public company in the world,” commented Kobeissi following the price pump.
BTC’s market cap, which places it among the top 10 largest financial assets, is at $1.3 trillion as of now, which is more than double that of Tesla.
Furthermore, it is just above Meta Platforms, which has a market cap of just $1.28 trillion, according to Companies Marketcap.
Additionally, the total market cap of all cryptocurrencies reached $2.5 trillion, which is $500 billion larger than Nvidia but still lower than Microsoft and Apple.
Total crypto capitalization is currently 20% away from its peak level of $3.08 trillion, which came in November 2021.
This is incredible:#Bitcoin now has a market cap of $1.3 TRILLION as it is officially up 300% from its 2022 low.
If Bitcoin was a company, it would be the 8th largest public company in the world.
The market cap of Bitcoin is equivalent to the market cap of Meta, $META.… pic.twitter.com/8vJoxz281s
— The Kobeissi Letter (@KobeissiLetter) March 4, 2024
Bitcoin is driving markets at the moment as it usually does in bull cycles before the altcoins play catch up. BTC dominance is currently at just over 50%, and there is unlikely to be an altseason until this drops way below that line.
Technical analyst Willy Woo predicted that Bitcoin prices will reach $125,000 if clients of the two largest ETF providers rotate 3% of their exposure into the asset.
“BTC price will go past $125k minimum before the end of 2025 just from Blackrock and Fidelity clients if they rotate 3% exposure to Bitcoin.”
BTC price will go past $125k minimum before the end of 2025 just from Blackrock and Fidelity clients if they rotate 3% exposure to #Bitcoin.
These are their most optimistic portfolio allocation recommendations:
Blackrock ($9.1T): 84.9%
Fidelity ($4.2T): 3%— Willy Woo (@woonomic) March 4, 2024
Elsewhere on Crypto Markets
Total capitalization is up 2.7% on the day as it reaches its highest level since December 2021. Bitcoin is clearly the market leader with a 5% daily gain, but there are a handful of altcoins outperforming it at the moment.
Dogecoin (DOGE) has added 25% on the day reaching $0.16 while Polkadot (DOT) is around $10 after an 8% gain. Other altcoins gaining include Filecoin (FIL), Near Protocol (NEAR), and Stacks (STX).
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