Bitcoin’s Moment
Bitcoin’s climb past the $100,000 mark is a watershed moment in the evolution of crypto-currencies, symbolising their growing acceptance as a legitimate asset class.
Amid the continuous rally, the cryptocurrency Bitcoin has climbed up the ranks to become the world’s eighth most valuable asset by market capitalisation, surpassing silver.
Bitcoin reached an all-time high valuation of over USD 72,000 during the morning hours of US trading on March 11, leading to a market cap of USD 1.42 trillion.
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This has now placed it ahead of silver which is valued at USD 1.387 trillion.
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As per the CoinDesk report, during its historic bull run, Bitcoin had already exceeded the market cap of Meta, now valued at USD 1.2 trillion, and the next target is Alphabet, the parent company of Google, currently valued just below USD 1.7 trillion.
Bitcoin enthusiasts are setting their sights on gold, the world’s most valuable asset with a market cap of USD14.7 trillion.
It is to be noted here that achieving this milestone would require Bitcoin to increase more than tenfold, surpassing USD 720,000 per token.
On March 11, bitcoin achieved an all-time peak of nearly USD 72,881.
A recent report by CoinShares International revealed a record USD 2.7 billion inflow into crypto assets last week, with a significant portion directed towards Bitcoin.
Both the token and a gauge of the largest 100 coins have seen a remarkable 70 per cent increase in value this year.
As per the crypto analytics firm Kaiko Research, Bitcoin’s rally is creating around 1,500 new millionaire wallets daily.
This daily creation rate is lower than during the 2021 bull run when over 4,000 wallets per day reached the million-dollar mark.
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