The crypto industry has been abuzz with growing expectations as many celebrated Bitcoin for its recent price movement. Bitcoin has performed very impressively since the beginning of the year, and now, things seem to be getting even rosier for BTC holders.
Many analysts and traders have previously projected that Bitcoin could hit a $1 trillion market cap this year. The appropriate price for this to happen was estimated to be within the $50k range. Now, with the current market events, the chips are falling into place and exact figures can be derived. Bitcoin has just surpassed $1 Trillion in total market cap. Quite a feat for a coin that struggled through the crypto winter just two years ago.
The Magic Number
In an informational tweet about Bitcoin and its possible market movement, Arcane Research opined that BTC would hit a trillion-dollar market cap at exactly $53,670 price per coin. That was the magic number. However, this number is no longer so magic, as Bitcoin has already surpassed it by a notable margin. At the time of this writing, Bitcoin is currently trading at over $55k per coin, having shot up by close to 10% in the last few hours.
According to data on CoinMarketCap, Bitcoin is now at 60.3% in market dominance, with $1.032 trillion in market cap and a trading volume totaling over $63.4 billion.
Bitcoin Shames PayPal, Visa, And Mastercard
As Bitcoin reaches $1 trillion in market cap, experts have stepped up to compared it with other competing markets. According to the tweet by Arcane Research, a trillion-dollar Bitcoin market is larger than the 3 popular payment networks combined – namely PayPal, Mastercard, and Visa. This puts BTC at a very top spot among the competitors that mostly use fiat currencies for payments.
In effect, the current Bitcoin buzz as well as its market success could be a strong signal that the first cryptocurrency is finally ripe for total mass adoption. Indeed, many argue that this should have been apparent when big names like Grayscale started accumulating cryptos, mainly Bitcoin, in large scale.