In the early hours of March 4th, Bitcoin experienced a remarkable surge, reaching an impressive $67,379.72 in trading. This surge signifies its highest value since November 2021, placing it just 2.34% below its all-time high and reinforcing its dominant position in the cryptocurrency market with 52.7%.
This recent upward trend adds another noteworthy achievement to Bitcoin’s performance track record. Since its cycle low in December 2022, where it touched just below $16,000, Bitcoin has demonstrated an outstanding 321% increase in value. Furthermore, February saw Bitcoin achieving a record-setting feat ever recorded, underlining a significant month of positive price momentum.
Bitcoin’s Market Cap: A League of Its Own
The recent price surge has propelled Bitcoin’s market capitalization to a staggering $1.32 trillion, keeping ahead of the Meta, whose current market cap is $1.28 trillion, whereas Tesla is far below Bitcoin with a market cap of $591.02 billion.
Macroeconomics outlet, the Kobeissi Letter, made a compelling comparison, highlighting that Bitcoin’s market cap now rivals that of Meta Platforms (formerly Facebook).
Bitcoin Leads the Charge, Altcoins to Follow?
A common trend observed during bull cycles is Bitcoin being the leader in pushing the market forward. Analyst sentiment suggests that altcoins might take a backseat for now, with Bitcoin dominance hovering just above 50%. A significant altcoin season is unlikely to unfold until Bitcoin dominance falls considerably below this threshold.
Technical Analyst Predicts Lofty Heights for Bitcoin
Technical analyst Willy Woo has offered a bold prediction, suggesting that Bitcoin prices could reach a staggering $125,000 by the end of 2025. This prediction hinges on a scenario where clients of the two largest ETF providers, Blackrock and Fidelity, allocate just 3% of their holdings towards Bitcoin. Bitcoin is in a rush to break the previous all-time high of $69,00 very soon.
Altcoins See Mixed Performance
While Bitcoin takes the spotlight, the broader market continues to experience movement. Total market capitalization has increased by 2.7%, reaching its highest level since December 2021. While Bitcoin undeniably leads the charge with a 5% daily gain, several altcoins are experiencing even more impressive growth.
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