Looming $60K Bitcoin Price Leads To Over $2 Trillion In Crypto Market Cap
The crypto space has been in the $2 trillion market cap for some time now, with Bitcoin’s current price resting at around $56,170. This is spectacular news, but many within the crypto space think this is just an appetizer and that an even more explosive bull run is looming ahead. This can be easily justified as to why they believe it, primarily thanks to the widespread adoption of cryptocurrencies within the institutional space.
The most recent bullish announcement when it comes to this front is that MicroStrategy invested another $15 million in the purchasing of Bitcoin, worth around 235 BTC.
Institutional Players Potentially Driving Higher Prices
The new ATH for the market cap is very much a good thing, and a Bitcoin-based exchange-traded fund is already underway. Should this ETF be approved, the industry could receive an even greater boost than it’s seeing now. This is due to how US-based investment firms are mandated to back their assets in vaults when it comes to institutional capital and accredited investors.
As a result of this, any company that filed for a Bitcoin ETF will be mandated to buy actual Bitcoin to back up their funds. Such a sudden increase in buying pressure could make Bitcoin skyrocket in value once more.
All-Round Price Appreciation
It should be noted that traditional markets are also seeing a surge as of late. Bitcoin’s price has seen a 2% increase within the past 24 hours, with the S&P500 and NASDAQ seeing a 1.43% and 1.36% surge, respectively.
Another important asset to watch out for is none other than Ethereum. The world’s number-two cryptocurrency had witnessed a weekly increase of 25%, with its ETH 2.0 protocol managing $6.5 billion in Total Value Locked (TVL).
Looking Back On Previous Highs
Back in 2017, Bitcoin was reaching spectacular highs for the time. People thought the upper limits of Bitcoin’s price were being reached at just below $20,000, with a $95.9 billion market valuation. Back then, institutions were still trying to crush the crypto space instead of joining it, with innumerable amounts declarations that Bitcoin would be dead in the water in no time at all.
Clearly, some people thought things would turn out differently. Time will only tell if Bitcoin will manage to break past that $60,000 mark once more, as it did once before. Now, however, everyone can just wait and see, as the asset isn’t known to sit still for long