- Bitcoin nearly breached the US$90k mark, currently trading at US$87,837 after setting a new high of US$89,604.
- In one week, Bitcoin surged 30%, boosting the total crypto market cap to US$3 trillion, with Bitcoin alone at US$1.73 trillion.
- Bitcoin’s market cap now exceeds that of silver, with sights set on surpassing Saudi Aramco’s US$1.8 trillion valuation.
- Financial experts predict continued institutional interest, possibly driving Bitcoin to meet or exceed US$100k by year-end.
Another day, another record, Bitcoin has just stopped short of breaking right through the US$90k (AU$137.2k) barrier. At the time of writing BTC trades for US$87,837 (AU$133,866), slightly down from the new all-time high reached earlier today when it was trading for US$89,604 (AU$136,315).
Consider how quickly we got here, too. Only a week ago, Bitcoin registered around US$68k (AU$103.6k), a whopping US$20k (AU$30.5k) lower than it does now, rallying almost 30% on the back of Donald Trump’s election win.
Related: Ken Fisher Claims Trump Positive on Crypto, But Won’t Change Much Overall
The increase in price saw the market cap of the whole crypto market soar to US$3 trillion (AU$4.57 trillion) with Bitcoin alone accounting for US$1.73 trillion (AU$2.63 trillion).
That handsome figure has sent BTC flying past silver in top assets by market cap. Next, it will be eyeing Saudi Aramco, the Saudi Arabia-based oil and gas company, with a US$1.8 trillion (AU$2.74 trillion) market cap.
Expect More Demand by Institutional Clients, Says Pomp
So, how long until BTC can take seventh spot and move past Saudi Aramco? Well, Anthony Pompliano, Founder and CEO of Professional Capital Management, believes that Bitcoin will “continue getting a strong bid through the end of the year”.
Bitcoin is the king of the cryptocurrency market, and I think Wall Street realises [this], and they want to put their money with the king.
Anthony PomplianoPomp says not only is $80k a “big round number”, which captivates the public; it also caught the attention of the mainstream media. Additionally, the new peak signifies that BTC has not only surpassed previous highs but has reached an inflation-adjusted all-time high, prompting widespread buying.
10x Research’s Markus Thielen told Cointelegraph that in their calculation BTC remains poised to reach a US$4 trillion (AU$ 6.1 trillion) market cap by end of the year – meaning we would see US$100k (AU$152.5k) by the year’s end.
Related: Standard Chartered Predicts Solana to Outperform BTC, ETH, With New All-Time High Before 2025
Trader and crypto analyst Rekt Capital is slightly more conservative. Going by past history they believe US$96.5k (AU$147.2k) is possible, based on technical analysis.
Either way, it looks like before the end of 2024, we’ll have to report on a few more all-time highs, certainly a nice Christmas present for those holding BTC.
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