Bitcoin prices soared to $65,500 in early trading on Monday, March 4th, marking a significant milestone for the cryptocurrency. This surge has propelled Bitcoin to its highest price since November 2021, coming just 5% shy of its all-time high in that same month. Additionally, Bitcoin has seen an impressive gain of over 300% from its cycle low of just under $16,000 in December 2022.
A macroeconomics outlet, the Kobeissi Letter, highlighted Bitcoin’s market capitalization approaching $1.3 trillion, juxtaposing it with major companies globally. The comparison revealed that if Bitcoin were a company, it would rank as the 8th largest public company in the world. This noteworthy achievement further solidifies Bitcoin’s position among the top financial assets, surpassing the market caps of notable companies like Tesla and Meta Platforms.
The total market capitalization of all cryptocurrencies has reached $2.5 trillion, surpassing that of companies like Nvidia while still trailing behind industry giants like Microsoft and Apple. Despite this substantial growth, the total crypto capitalization remains 20% below its peak level of $3.08 trillion achieved in November 2021. Bitcoin’s dominance in the market is evident, driving market movements and setting the stage for altcoins to follow suit.
Technical analyst Willy Woo has forecasted further price escalation for Bitcoin, predicting a surge to $125,000 if clients of major ETF providers allocate 3% of their exposure to the cryptocurrency. With Bitcoin’s current market performance and dominance, the outlook suggests that Bitcoin will continue to lead the market and set the tone for altcoin movements. While Bitcoin remains the frontrunner with a 5% daily gain, altcoins like Dogecoin, Polkadot, Filecoin, Near Protocol, and Stacks are also demonstrating impressive growth.