Bitcoin has witnessed a remarkable surge in its market capitalization, surpassing $1.35 trillion, which creates a notable $1 trillion lead over Ethereum (ETH). Currently, BTC prices have climbed above $68,000, marking a significant milestone with an unprecedented gap between the two largest cryptocurrencies by market cap.
Ethereum now holds a market cap of approximately $318.32 billion. This surge highlights Bitcoin's dominant position in the crypto market. Since October 12, Bitcoin's market cap has increased by 8.9%, reigniting speculation about its potential upward trajectory. James Check, the lead analyst at Glassnode, noted this new achievement in an insightful post dated October 19, indicating the record-breaking disparity between Bitcoin and Ethereum.
He raised questions about the possibility of Ethereum making a comeback, hinting at a likelihood that Bitcoin’s dominance may continue. At present, Bitcoin's market capitalization rests at $1.35 trillion. The recent price rally, which culminated at $68,152, represents its highest level since late July when it approached a market cap of $1.34 trillion.
Historically, Bitcoin's highest recorded market cap was $1.41 trillion on May 21, 2021, positioning it as the tenth largest asset globally by market cap, just trailing behind Meta Platforms with its $1.46 trillion valuation. However, Bitcoin has seen a minor decline of 0.30% since October 19. Looking ahead, some analysts foresee considerable growth potential for Bitcoin.
Fred Krueger, identified as a Bitcoin maximalist, posited that Bitcoin's market cap could escalate to $100 trillion by 2040, projecting BTC prices to reach an astounding $5 million per coin. In a similar vein, Dylan LeClair has categorized Bitcoin as a "100 trillion-dollar technology," which reflects a strong bullish sentiment surrounding the cryptocurrency. In terms of market cap size, Bitcoin currently outpaces Berkshire Hathaway, emphasizing its growing stature among global assets.
Nevertheless, some investment experts suggest that Bitcoin may still be in its inception phase of growth. A notable pseudonymous crypto investor, known as Bitcoin for Freedom, drew attention to the significant monetary stimulus implemented during the pandemic, where $16 trillion was printed by the Federal Reserve.
By comparing this to Bitcoin’s current market cap, he highlighted substantial growth potential that remains ahead for BTC. As Bitcoin's market cap continues to grow rapidly, it significantly outstrips Ethereum and consolidates its status as the leading cryptocurrency. Analysts and traders maintain a bullish outlook, forecasting even greater achievements for Bitcoin in the foreseeable future..