- Bitcoin’s market cap hits $1.81 trillion, overtaking Saudi Aramco’s $1.79 trillion.
- The cryptocurrency has gained over 23% in the past week, setting multiple record highs.
- Experts forecast further growth for Bitcoin, with long-term price projections reaching $500,000.
Bitcoin’s market cap has surged to $1.81 trillion, surpassing Saudi Aramco to become the seventh-largest asset globally. The cryptocurrency’s remarkable rise this week pushed it past the oil giant’s $1.79 trillion valuation, positioning Bitcoin just behind tech leaders such as Nvidia, Apple, Microsoft, Amazon, and Alphabet. The cryptocurrency has seen a steady climb, hitting an all-time high of $91,500 on Wednesday—its fourth record-setting price within the last week.
Institutional Demand and Pro-Crypto Sentiment Drive Bitcoin Surge
Bitcoin’s performance in 2024 has been marked by several notable milestones, including its status as the first crypto-based ETF in the United States, which launched in January. Institutional demand has increased significantly, particularly following the recent U.S. presidential election, which secured a pro-crypto stance in the White House with Donald Trump’s reelection.
These developments have fueled Bitcoin’s momentum, driving demand and pushing the cryptocurrency to break multiple price records. According to CoinMarketCap, Bitcoin’s value has risen over 23% in the past week alone.
Source: CNBC
Market Speculation on Bitcoin’s Future Growth
Amid this unprecedented growth, market analysts are closely watching Bitcoin’s trajectory. Matt Hougan, CEO of Bitwise, recently projected that Bitcoin could reach a long-term target of $500,000. Hougan suggested that the cryptocurrency’s growth potential remains substantial, indicating that the current market climate could support continued gains.
With its valuation now surpassing even major oil corporations, Bitcoin’s surge highlights the growing role of digital assets in the global market, challenging traditional asset classes and reshaping the landscape of global finance.
