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Bitcoin‘s (BTC) price today soared to $65,600, reaching its highest level since November 2021. This surge brought the largest cryptocurrency very close to the all-time high recorded in that month. This significant price movement indicates that investors who bought BTC in December 2022 at just below $16,000 have now realized gains of over 300%, putting it on par with major public companies.
Bitcoin’s Market Value Rivals Top Companies
The macroeconomic publication Kobeissi Letter highlighted Bitcoin‘s market value, which is approaching $1.3 trillion after the recent price increase. Comparing Bitcoin’s market value with large corporations, Kobeissi Letter mentioned that if Bitcoin were a company, it would be the world’s 8th largest publicly traded company. With a market value exceeding $1.3 trillion, Bitcoin has reached a point where it is on par with Meta (formerly Facebook) and has doubled the market value of electric vehicle giant Tesla.
Moreover, Bitcoin’s dominance over the market, being over 50%, shows that it maintains its position as the leading asset in the cryptocurrency market. However, analysts believe that an altcoin season, where altcoins perform better than the largest cryptocurrency, is unlikely to occur until Bitcoin’s market dominance significantly drops below the 50% level.
Famous technical analyst Willy Woo predicted further upward momentum for Bitcoin, suggesting that if major spot ETF issuers allocate just 3% of their clients’ investments to the asset, the price could reach $125,000 by the end of 2025, fueling rising investor expectations.
Latest from the Cryptocurrency Market
At the time this article was written, Bitcoin was trading around $65,000, up 5.16% on the daily timeframe, while many altcoins were outperforming it.
The largest meme coin Dogecoin (DOGE) rose 25% to $0.16 in the same timeframe, while Polkadot (DOT) saw an 8% increase, trading around $10. Other altcoins recording significant gains include Filecoin (FIL), Near Protocol (NEAR), and Stacks (STX), indicating that the rise is not exclusive to Bitcoin but is a general market trend.
In addition, the total market value of the cryptocurrency market has increased by 2.7% in the last 24 hours, reaching the highest level seen since December 2021.
