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Bitcoin reached its highest price level since November 2021 today, soaring up to $65,600. This surge brought the leading cryptocurrency close to its all-time high recorded in the same month. This significant price movement indicates that investors who bought Bitcoin in December 2022 at just below $16,000 have now seen gains of over 300%, bringing BTC to a point where it can be compared with major public companies.
Bitcoin Doubles Tesla’s Market Value
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 to large companies, Kobeissi Letter noted that if Bitcoin were a company, it would be the world’s 8th largest public 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 car giant Tesla.
Moreover, Bitcoin’s dominance in 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 outperform the largest cryptocurrency, is unlikely to occur until Bitcoin’s market dominance significantly drops below the 50% level.
Famous technical analyst Willy Woo predicts further upward momentum for Bitcoin, suggesting that if major spot ETF issuers allocate only 3% of their clients’ investments to the asset, the price could reach $125,000 by the end of 2025, fueling rising investor expectations.
Current State of the Crypto Market
At the time of writing this article, Bitcoin is trading around $65,000, up 5.16% on the day, while many altcoins are performing even better. The largest meme coin Dogecoin (DOGE) has risen by 25% to $0.16 in the same time frame, while Polkadot (DOT) is trading around $10 after an 8% increase. 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 since December 2021.
