In a remarkable turn of events, Bitcoin price has reached a multi-month high, surpassing the $44,000 mark for the first time since April 2022. The cryptocurrency’s upward momentum is garnering attention as it outpaces some of the world’s largest companies in terms of market capitalization.
Bitcoin price Surges
TheStreetCrypto’s George Tung reported, “Bitcoin price has climbed past Berkshire Hathaway, past Tesla, past some of the biggest companies on the planet. They’re about to pass up Meta, then Nvidia, then silver.”
This surge in Bitcoin’s value is occurring amid growing anticipation of a spot exchange-traded fund (ETF) approval. Analysts believe that such approval could open new investment avenues, potentially having an exponential impact on the already bullish market.
Tung expressed his optimism, stating, “Imagine when the ETF gets approved, that trend becomes like this hockey stick. It happens because there’s so much money on the sidelines waiting to come in. It’s because there’s billions and trillions sitting on the sidelines waiting to come in. And more and more people from Wall Street, they’re paying attention.”
Evaluating Bitcoin’s rise among the world’s top assets by market cap, Tung predicted that it is on track to surpass gold in overall market cap, potentially reaching around $800,000 in the future.
Ranking of Bitcoin price
Bitcoin price currently stands two spots below silver in the rankings. Tung remarked, “It’s amazing to think that bitcoin, this digital currency, is this much in value and soon will surpass even silver.”
Notably, Ethereum, the second-largest crypto asset by market cap, is also rising in the overall rankings, surpassing the market cap of companies like Costco, Toyota, and Coca-Cola.
George Tung highlighted a report from El Salvador President Nayib Bukele, showcasing the country’s successful dollar-cost average (DCA) strategy for bitcoin investment. “El Salvador, they’re in the green right now. They’re just going all out with bitcoin, and it’s going to pay off handsomely for them in the long run,” Tung noted.
As Bitcoin’s surge continues, institutional interest is playing a significant role in the market. Crypto funds recently welcomed $1.76 billion in inflows, coinciding with new records in open interest in bitcoin.
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