Bitcoin climbed to an all-time high above $124,000 on Thursday, stoking fresh optimism that the next leg of price discovery could push the cryptocurrency’s market value toward Apple’s $3.4 trillion.
Bitcoin (BTC) rose to a new all-time high of $124,457 on Thursday, leading the world’s first cryptocurrency to briefly surpass Google’s $2.45 trillion market capitalization, becoming the fifth-largest global asset.
“Bitcoin all-time high and it’s only Wednesday,” said Gemini co-founder Tyler Winklevoss in an X post, triggering a wave of optimistic responses, including from popular investor Kyle Chassé, who predicted that this would be the “best week for Bitcoin.”
Bitcoin’s new milestone has inspired a new wave of optimism, as investors now eye the continuation of the price discovery phase, which may see Bitcoin surpass Apple’s market capitalization next.
Source: CoinGecko
Bitcoin would need to rise above $175,000 to flip Apple’s current $3.4 trillion market capitalization, which may occur before the end of August, said crypto analyst and Taproot developer Udi Wertheimer in a Thursday X post.
Source: Udi Wertheimer
Still, the $175,000 price estimate remains modest compared to predictions by Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, who predicted Bitcoin could climb to $250,000 in 2025 if the US Federal Reserve pivots to quantitative easing, injecting more liquidity into the financial system amid growing inflationary pressures.
Related: Bitcoin’s corporate boom raises ‘Fort Knox’ nationalization concerns
Institutional capital is driving Bitcoin’s price momentum
Bitcoin’s new milestone bolstered the total crypto market capitalization above the $4.1 trillion market capitalization for the first time in crypto history.
The current momentum signals increased “institutional capital” driven by favorable macro tailwinds and growing regulatory clarity, according to Vugar Usi Zade, chief operating officer at Bitget exchange.
Policy shifts such as the recently passed GENIUS Act, paired with “structural shifts” such as 401(k) crypto allocations, are attracting…
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