It appears that the cryptocurrency market isn’t going to stop at anything until it eventually hits the coveted uncharted territories. On March 31, the crypto market saw the price of Bitcoin edge near the $60,000 mark before it later corrected. The market cap of all crypto assets also rose very close to $2 trillion making a new all-time high.
Since the year started there has been an influx of institutional investors into the crypto space. Many large corporations have opened up to Bitcoin while expanding their crypto services as well. Several people are also turning to Bitcoin to hedge against inflation while many long-term investors keep HODLing.
The year has been great for Bitcoin and the crypto market at large. Recently, Goldman Sachs revealed its plan to offer Bitcoin exposure to its wealthy clients. The increasing adoption news – with that from Paypal – has driven the crypto market cap to a new ATH of about $1.99 trillion.
Although, the crypto market cap has dropped by about 1.82% in the last 24 hours and now sits around $1.89 trillion. However, the crypto market cap is on its way to overtake the world’s largest company by market cap “Apple Inc.”
Crypto Market Cap on its Inevitable Journey to Overtake Gold
Mike Novogratz, the CEO of Galaxy Digital, said he is shocked by the speed of cryptocurrency adoption and how fast it has grown over the years. He revealed that Bitcoin “is on an inevitable path” to Gold’s market cap which is currently around $10.7 trillion.
A previous analysis by the Bank of America (BOA) reveals that it would take $93 million to raise Bitcoin price by 1% while it will take $2 billion to achieve the same on gold. Bitcoin is currently displacing gold as a hedge against risk. This was particularly reinforced in the U.S amid fears of inflation and also in Turkey following the Lira crash.