Over the weekend, Bitcoin reaches a new all-time high after breaking all previous records. The price has flipped over $27,500 as it is also close to surpassing $28,000.
Market Cap Reaches Half Trillion
As a result of the massive input of capital from investors, the market capitalization of the top digital asset has also crossed the $500 billion figure. The total market cap of the crypto markets has claimed $727 billion after an increase of 8.69% over the day.
It is the first time that flagship cryptocurrency has achieved the figure of half a trillion, which is big development news for the crypto space. After attaining $515 billion, it has become the 11th largest entity in the world based on market cap. Recently, it has surpassed Visa in market cap and the next target of Bitcoin is Berkshire Hathaway, which is standing at the 10th spot.
After a record performance, some analysts believe the current trend line is matching the stock-to-flow model. Based on the speculation of the stock-to-flow model, the price could reach $100,000 in December 2021.
In crypto markets, Bitcoin’s performance is highly bullish as its dominance has reached 70%. As per the on-chain market analysts, the flagship cryptocurrency will easily claim $30,000 by the end of 2020.
The bullish sentiments around the top digital coin have also provided an ignition to few cryptocurrencies in witnessing bullish movements. Ethereum (ETH) is trading at $643 after an increase of 3.68% over the last 24-hours. Similarly, Litecoin (LTC) and Bitcoin Cash (BCH) have surged by 4.39% and 6.24% in the previous 24-hours.
Some Digital assets, on the other hand, have shredded their values over the day. For example, the XRP coin has plunged by 4.37% in a timeframe of 24-hours. Similarly, Chainlink (LINK) has lost almost 4% of its value over the day.
Bitcoin’s Dominance
The dominance of Bitcoin is increasing in the crypto markets because investors attract to it due to its high potential. Few investment companies have reduced their gold holdings for Bitcoin. The biggest advantage of Bitcoin over gold is its scarce nature as the supply of the top digital asset is fixed. No one can create extra Bitcoin, but people can mine gold in excess amount. It is expected that space companies may start mining other planets for precious metals.
The loose policy of central banks is also one of the factors that force institutional players to invest in the top digital asset for the long-term.