CandleFocus Bitcoin Market Cap Approaches $2 Trillion, Targets Amazon and Alphabet
2024-11-21
Author: Content Editor
Bitcoin's market capitalization reached a new all-time high of $1.93 trillion when the price hit a record high of $97,850. This puts Bitcoin's market cap ahead of Saudi Aramco and just behind Amazon. Bitcoin now has around 11% of the gold market's market capitalization and is more than half the size of Nvidia, the world's largest company. The recent price pump in Bitcoin was driven by discussions within Donald Trump's team about creating a White House post dedicated to cryptocurrency policy. Market analysts believe that demand for Bitcoin is insatiable. Bitcoin accumulator MicroStrategy announced plans to accelerate asset purchases, and the debut of options on US spot Bitcoin ETFs has driven momentum. As a result of Bitcoin's price pump, its market share has increased to 61.8%, causing altcoins to struggle. Ethereum, for example, has felt the brunt of this and has failed to move above $3,100 due to fear, uncertainty, and doubt (FUD).
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