Bitcoin's Total Market Cap Has Soared Past $1.3 Trillion

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Quote from: hd49728 on April 11, 2024, 10:16:16 PM

Quote from: Aanuoluwatofunmi on April 11, 2024, 08:02:18 AM

The overall bitcoin market capitalization compared to the sum of all other cryptocurrencies market capitalization is far higher, this alone is a good point in saying that bitcoin is the king of all cryptocurrency

In fact the Marketcap dominance of Bitcoin drops with time and with market cycles. Bitcoin dominance usually shows its strongest domination during bear markets when most of altcoins lose of 98% or higher of its market caps compare to their highest market caps in bull markets. Many altcoins even die in a bear market but there is an opposite trend in each new bull market. We usually see hundreds and thousands of new altcoins in a new bull market that contribute to decrease of Bitcoin dominance.

Anyway, in bull or bear markets, Bitcoin is always King.

Market historical snapshots over years show that many top altcoins died but Bitcoin is there to stay with us.

Bitcoin will still be king and still dominate the cryptocurrency market but we must admit that bitcoin's dominance is decreasing over time. I remember a time when bitcoin's dominance was very high and accounted for more than 80% of the entire market, but in just the past few years, it has gradually decreased and remained at 50%. With the strong growth of the altcoin market in the coming years, I believe bitcoin's dominance will decrease even further as more and more altcoins assert their value.

Many bitcoin maximalists won't like this but this is happening, but I like this because it will create a broader and more diverse market instead of just being centralized and dependent on only 1 thing.

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Quote from: Aanuoluwatofunmi on April 11, 2024, 08:02:18 AM

The overall bitcoin market capitalization compared to the sum of all other cryptocurrencies market capitalization is far higher, this alone is a good point in saying that bitcoin is the king of all cryptocurrency

In fact the Marketcap dominance of Bitcoin drops with time and with market cycles. Bitcoin dominance usually shows its strongest domination during bear markets when most of altcoins lose of 98% or higher of its market caps compare to their highest market caps in bull markets. Many altcoins even die in a bear market but there is an opposite trend in each new bull market. We usually see hundreds and thousands of new altcoins in a new bull market that contribute to decrease of Bitcoin dominance.

Anyway, in bull or bear markets, Bitcoin is always King.

Market historical snapshots over years show that many top altcoins died but Bitcoin is there to stay with us.

Aanuoluwatofunmi

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The overall bitcoin market capitalization compared to the sum of all other cryptocurrencies market capitalization is far higher, this alone is a good point in saying that bitcoin is the king of all cryptocurrency, the more reason you will keep seeing people intending to make an investment in bitcoin and not other coin because they see that its the only most recognized and acceptable cryptocurrency for making payments and also serves as an asset of financial investment.

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Quote from: Cookdata on April 09, 2024, 04:12:27 PM

There should never be a comparison of any Bank to Bitcoin because it doesn't even make sense because Bitcoin is for all, no resistance, no middle and anyone is permissible to buy but banks are restricted to a jurisdiction and all the money in that bank is own and control by some people, if we combine the total market of the banks and compare it with Bitcoin, it will make Bitcoin not making sense because Banks can print more money and more Bitcoin can't be printed because it's prohibited by the protocol to do that, it will remain 21 million total supply.

There is cross relation between banks and Bitcoin.

I agree there are many ways to buy Bitcoin without touching banks but there are many ways you can use to purchase bitcoins with bank-related methods like bank transfer, credit card, debit card and more.

Say Bitcoin does not need banks is not true. I could be wrong by saying Need but Bitcoin and Bank products actually have cross business.

With Bitcoin, we have a better option than Banks, no censorship so far, full control by private keys, better security.

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Quote from: avikz on April 09, 2024, 02:58:54 AM

This market cap is nothing for Bitcoin. By the way, it's now 1.39 trillion dollars. We are just 10 days away from halving, Bitcoin can indeed go a hell lot higher. But, while Bitcoin's trajectory may be unpredictable, the past history has shown a strong growth in long term, unlike any other traditional assets.

I like how everyone are bullish with Bitcoin but then forget how they bullishness(if there is any word like that) if Bitcoin happen. There is a usual heavy correction of Bitcoin in the day of halving or when 2 days before then. Most of the time, the whales take out their money from the market and watch how the markets behave before they start another bull run and because the correction is usually heavy, they don't like to stay in Bitcoin, prefer to buy at the bottom.

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However, I feel that the comparison to the combined market value of the world's largest banks underscores the transformative potential of cryptocurrencies. Additionally, the expectation of a fresh wave of investors drawn to Bitcoin's perceived store of value suggests sustained demand and potentially more pronounced price movements. But at the end of the day, it's a roller-costar ride as we all know. Especially while day trading.

There should never be a comparison of any Bank to Bitcoin because it doesn't even make sense because Bitcoin is for all, no resistance, no middle and anyone is permissible to buy but banks are restricted to a jurisdiction and all the money in that bank is own and control by some people, if we combine the total market of the banks and compare it with Bitcoin, it will make Bitcoin not making sense because Banks can print more money and more Bitcoin can't be printed because it's prohibited by the protocol to do that, it will remain 21 million total supply.

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Quote from: retreat on April 09, 2024, 02:03:07 AM

Quote from: Relonage on April 06, 2024, 10:46:17 PM

Coinbase's institutional research analyst, David Han, dropped a report yesterday, highlighting Bitcoin's evolving status as digital gold. This increasing acceptance of Bitcoin as a 'digital gold' could potentially attract a fresh wave of investors into the market. This means that more demand brewing in this market ecosystem.

I actually thought that it had no effect at all. Because Bitcoin is different compared to gold, even though many people analogize it as 'digital gold', if we see that Bitcoin was developed not to be 'digital gold' by Satoshi, but as "A Peer-to-Peer Electronic Cash System". But today, people are starting to distort the true purpose of Bitcoin and make it an investment instrument rather than electronic cash, and I see that as a form of weakening of Bitcoin.

I wouldn't call it distortion but adaptation. Think about it, if bitcoin was not profitable and was only used as a decentralized currency, how many people would be interested in it? Not to mention, if it were used by us to replace fiat money, do you think the government would give us the freedom to use it?

I have also seen many people always complain when bitcoin is not used as a currency but only as an investment. But the funny thing is that those people are also counting on profits from bitcoin, do you expect to make a lot of money from bitcoin or do you just use it as a currency?

Additionally, bitcoin has been considered an investment since its early years, rather than a bitcoin ETF making it an investment. If you want to blame, blame the first people who put bitcoin on the exchange because they turned bitcoin into a speculative asset.

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Quote from: Relonage on April 06, 2024, 10:46:17 PM

Bitcoin's total market cap has soared past $1.3 trillion, now sitting at a staggering $1,370,542,241,397. It has surpassed the total market value of the world's four largest banks combined!

BTW, with just two weeks left until Bitcoin's fourth halving, there are only 2,000 blocks remaining. Coinbase's institutional research analyst, David Han, dropped a report yesterday, highlighting Bitcoin's evolving status as digital gold. This increasing acceptance of Bitcoin as a 'digital gold' could potentially attract a fresh wave of investors into the market. This means that more demand brewing in this market ecosystem. So, brace yourselves, folks. Unlike previous cycles, we might witness a more aggressive buying spree during price pullbacks. Even in the midst of volatility, buyers could be more proactive this time around.

But let's not forget the golden rule of crypto: expect the unexpected. Bitcoin's journey has been nothing short of a rollercoaster ride, and volatility is its middle name. After all, in the world of Bitcoin, one thing's for sure: it's always an exhilarating ride!

This market cap is nothing for Bitcoin. By the way, it's now 1.39 trillion dollars. We are just 10 days away from halving, Bitcoin can indeed go a hell lot higher. But, while Bitcoin's trajectory may be unpredictable, the past history has shown a strong growth in long term, unlike any other traditional assets.

However, I feel that the comparison to the combined market value of the world's largest banks underscores the transformative potential of cryptocurrencies. Additionally, the expectation of a fresh wave of investors drawn to Bitcoin's perceived store of value suggests sustained demand and potentially more pronounced price movements. But at the end of the day, it's a roller-costar ride as we all know. Especially while day trading.

retreat

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Quote from: Relonage on April 06, 2024, 10:46:17 PM

Coinbase's institutional research analyst, David Han, dropped a report yesterday, highlighting Bitcoin's evolving status as digital gold. This increasing acceptance of Bitcoin as a 'digital gold' could potentially attract a fresh wave of investors into the market. This means that more demand brewing in this market ecosystem.

I actually thought that it had no effect at all. Because Bitcoin is different compared to gold, even though many people analogize it as 'digital gold', if we see that Bitcoin was developed not to be 'digital gold' by Satoshi, but as "A Peer-to-Peer Electronic Cash System". But today, people are starting to distort the true purpose of Bitcoin and make it an investment instrument rather than electronic cash, and I see that as a form of weakening of Bitcoin.

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Quote from: Relonage on April 06, 2024, 10:46:17 PM

Bitcoin's total market cap has soared past $1.3 trillion, now sitting at a staggering $1,370,542,241,397. It has surpassed the total market value of the world's four largest banks combined!

this just shows the potential of bitcoin to surpass centralized banking systems for sure now a lot of government agencies are looking at bitcoin and observing its movement. either they would try to regulate it to try to control how bitcoin goes around their country or they would think about most effective ways to start adapting bitcoin.

one thing for sure, we are definitely in for a fun few months as the halving comes nearer and nearer. excitement would be an understatement!

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Quote from: Despairo on April 09, 2024, 12:32:11 AM

Right now the biggest Bitcoin ETFs i.e. GBTC only have 22.29B market cap, while the biggest ETFs i.e. SPY have 522.78B market cap, I'm sure GBTC will achieve at least 100B market cap. https://stockanalysis.com/etf/

Grayscale have to do a lot with their products internally, cut their service fee to make it more attractive for users and competitive with other Bitcoin Spot ETFs. It is first priority of Grayscale next months because outflows from Grayscale since January 2024 is massive.

If they fail to stop it, they will have no bitcoins and money from customers to manage their Spot ETF and it is first challenge they must solve. If Grayscale stays, we can talk about growth of their GBTC marketcap.

From $23B to $100B is possible but it will be achievable if Grayscale can survive against other Bitcoin Spot ETFs.

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Quote from: BALIK on April 08, 2024, 11:54:10 PM

Bitcoin ETF is a historical milestone for bitcoin to become bigger, but it also cannot guarantee 100% that bitcoin will not encounter any problems in the future. Bitcoin still has risks, so we should still only invest with what we can lose.

Yeah we haven't heard a case where someone claimed to loss their holdings in Bitcoin ETFs, so we don't know how those traditional investors can handle such case. What I think they would blame Bitcoin instead of the company, just like Bitcoin naysayers that keep saying Bitcoin is scam without any reason.

Right now the biggest Bitcoin ETFs i.e. GBTC only have 22.29B market cap, while the biggest ETFs i.e. SPY have 522.78B market cap, I'm sure GBTC will achieve at least 100B market cap. https://stockanalysis.com/etf/

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Quote from: hatshepsut93 on April 08, 2024, 07:44:29 PM

Marketcap is a weak metric without sufficient market depth. Today it's $1T, in a few months it's $2T, then $0.5T. With stocks it makes sense to talk about marketcap because they don't often lose 80% of their value, and when they do, you know it means something really-really bad.

Also, $1,3T isn't very impressive, it's less than the marketcap of some of the biggest companies, and lower than marketcap of gold and some other commodities. This could mean that there's a lot more room to grow, but it's not a strong argument for it.

With a market capitalization still so small, it shows that bitcoin still has a lot of potential to grow and a bright future is waiting for it ahead. But there are also risks that come with a fairly small market that can be manipulated or collapse at any time. That's why I always believe that we are still in the early stages and there are still many opportunities, but great opportunities always come with risks.

Bitcoin ETF is a historical milestone for bitcoin to become bigger, but it also cannot guarantee 100% that bitcoin will not encounter any problems in the future. Bitcoin still has risks, so we should still only invest with what we can lose.

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Yes, we should already learn our lessons this time. Bitcoin remains unpredictable. It rises when we least expect it. It could also fall when we're expecting it otherwise. But there's also the lesson that if only we stick to hodling, we will reap benefits in the end.

The bullishness that the Bitcoin spot ETF and the upcoming halving bring make us confident that there will be further upward movements soon but it might also not be the case. So while we should be bullish with all the development, if the price falls instead, we can rest assured that hodling would still make everything worth it.

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Marketcap is a weak metric without sufficient market depth. Today it's $1T, in a few months it's $2T, then $0.5T. With stocks it makes sense to talk about marketcap because they don't often lose 80% of their value, and when they do, you know it means something really-really bad.

Also, $1,3T isn't very impressive, it's less than the marketcap of some of the biggest companies, and lower than marketcap of gold and some other commodities. This could mean that there's a lot more room to grow, but it's not a strong argument for it.

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Quote from: Relonage on April 06, 2024, 10:46:17 PM

Bitcoin's total market cap has soared past $1.3 trillion, now sitting at a staggering $1,370,542,241,397. It has surpassed the total market value of the world's four largest banks combined!

Hmm TBH, I haven't checked it I'm not sticking to market all day as I was sticking to it a couple of days before, due to some really urgent affairs but I was following the price action I haven't checked anything surprising but yup hope are still on the Bitcoina nd holding tight to visit a new ATH with the market cap of $2.4T haha in the round 1 and then you know a good correction and boom again but things are not in the favor from the side I was checking on, it may be due to the early pressure on the market.

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Quote from: kryptqnick on April 08, 2024, 08:16:59 AM

Market capitalization over 1 trillion dollars is a solid achievement for Bitcoin, but the number is very transparent, simply being the price multiplied by supply (the amount of BTC currently in existence). It's good to see that it's growing, and it's over $1.4 trillion now, so it gained around 50 billion dollars in less than 2 days. That's a lot of value, but it also shows how hard it is to keep making the price higher and higher, considering the market capitalization requiring so much more money for it to happen than before.

That is definitely a problem but one that we know it was coming, however it comes with its own set of advantages, as bitcoin becomes less volatile then those that are more conservative on their investment strategies will be more willing to invest some money into bitcoin, as now they will not be afraid of the price of bitcoin collapsing from one day to the other as it did on the past, so this change should give us a more stable growth over the years.

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Quote from: Relonage on April 06, 2024, 10:46:17 PM

Coinbase's institutional research analyst, David Han, dropped a report yesterday, highlighting Bitcoin's evolving status as digital gold. This increasing acceptance of Bitcoin as a 'digital gold' could potentially attract a fresh wave of investors into the market. This means that more demand brewing in this market ecosystem.

Several years ago, many of the people here have already said that Bitcoin is the new gold standard and can be described as the digital gold which is now being reported by these folks.

That's why if you've been here for a long time, you know what I am saying that it's been said and treated already as a digital gold even long time before.

Thanks to the most holders out there as we treat our Bitcoins as the digital gold that everyone will not have. Yeah, it's not going to be on the hands of most people because many are still skeptic of buying because before, they're scared of it thinking it was a scam. Now, they're thinking of it as something expensive that they don't want to buy while waiting for its price drop which is unlikely at these moments.

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Quote from: Relonage on April 06, 2024, 10:46:17 PM

Coinbase's institutional research analyst, David Han, dropped a report yesterday, highlighting Bitcoin's evolving status as digital gold. This increasing acceptance of Bitcoin as a 'digital gold' could potentially attract a fresh wave of investors into the market. This means that more demand brewing in this market ecosystem. So, brace yourselves, folks. Unlike previous cycles, we might witness a more aggressive buying spree during price pullbacks. Even in the midst of volatility, buyers could be more proactive this time around.

Every time Bitcoin goes up, big brain analysts say that it means people believe it's digital gold. So if Bitcoin crashes, does that mean people stop believing it's digital gold or what?

What I learned in my almost 8 years in Bitcoin is that so-called analysts just throw lazy explanations for the current trend, because no one cares about actual research. Market participants just want an easy narrative to stir them to buy or sell.

Bitcoin ecosystem today is not different from the ecosystem half a year ago when the price was 3 times lower. This means the price growth is a result of the halvening bull-bear cycle and not people waking up to digital gold.

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Quote from: Relonage on April 06, 2024, 10:46:17 PM

Bitcoin's total market cap has soared past $1.3 trillion, now sitting at a staggering $1,370,542,241,397. It has surpassed the total market value of the world's four largest banks combined!

It’s honestly a delight to see bitcoin achieve great things and I can not believe that I am seeing it happen right in front of my eyes.

Quote from: Relonage on April 06, 2024, 10:46:17 PM

But let's not forget the golden rule of crypto: expect the unexpected. Bitcoin's journey has been nothing short of a rollercoaster ride, and volatility is its middle name. After all, in the world of Bitcoin, one thing's for sure: it's always an exhilarating ride!

Exactly as we’ve seen, no one expected for bitcoin to break into its new ath before halving but it did so now we have an idea when should we watch the market carefully and invest.

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Market capitalization over 1 trillion dollars is a solid achievement for Bitcoin, but the number is very transparent, simply being the price multiplied by supply (the amount of BTC currently in existence). It's good to see that it's growing, and it's over $1.4 trillion now, so it gained around 50 billion dollars in less than 2 days. That's a lot of value, but it also shows how hard it is to keep making the price higher and higher, considering the market capitalization requiring so much more money for it to happen than before.

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