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New Shock Step For Bitcoin, An Expected Surprise?

Mon 11 Nov 2024 ▪ 3 min read ▪ by Fenelon L.
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In an exceptional bull market context, Bitcoin has just established a new all-time high. The world’s leading cryptocurrency has seen its market capitalization exceed 1.664 trillion dollars, driven by a price that now exceeds 84,000 dollars.

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A historical performance that redefines the standards of the crypto market

On Monday, November 11, 2024, Bitcoin wrote a new chapter in its history by reaching a market capitalization of 1.664 trillion dollars, a level never achieved since its creation in 2009. This exceptional performance results from a continuous rise in price that surpassed 84,000 dollars, establishing a new historical record along the way.

This spectacular progression has had a ripple effect on the entire crypto market, whose total capitalization has regained heights of 2.71 trillion dollars. Blockchain.com data reveals a remarkable fact: all Bitcoin investments made over the past 15 years are now profitable.

The current circulating supply of 19.8 million BTC is gradually approaching the maximum cap of 21 million, which could bring the fully diluted value (FDV) to 1.7 trillion dollars if the price remains at these levels.

Solid fundamental factors support Bitcoin’s trend

This bullish momentum is supported by several fundamental catalysts. The massive influx of institutional investors, combined with a favorable political context, particularly in the United States, creates an environment conducive to growth.

Breaking the 1 trillion dollar market cap in February 2024, when Bitcoin surpassed 51,000 dollars, already marked an important milestone. Since then, the cryptocurrency has demonstrated its resilience, especially in the face of the halving event.

Renowned industry analysts, such as Tuur Demeester, advise investors to hold their positions, anticipating the continuation of the bullish movement. James Check from Glassnode emphasizes that the gap between the current price and the 200-day moving average suggests significant appreciation potential.

This new historic milestone for Bitcoin confirms its dominant position in the crypto ecosystem and strengthens its legitimacy as an asset class for institutional investors.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.