Since the new year, Bitcoin has reached many milestones. With each year, Bitcoin continues to outperform and this year is one of the few others in which Bitcoin has been breaking global records, almost daily. Just only two weeks into the new year, Bitcoin has attained so many goals that if not documented, one might forget how far the digital asset has come in such a short period of time and how promising its future is.
Bitcoin closed 2020 with a new all-time high that has now surged more than 20% since the new year began. Bitcoin started out the year with impressive momentum, one that has placed Bitcoin above $20,000. Recall that over the years, analysts were wary of Bitcoin’s ability to stay afloat after reaching new highs. This was because mild bear trends would always precede the bullish rally and send Bitcoin to prior support. Fundamental indicators implied that demand for Bitcoin was not as high as it seemed and purchasing power was superficial. But Bitcoin’s ability to stay above highs of $20,000 hints that demand is more rigid.
For global market value, Bitcoin is now the 9th most valuable asset by market cap. The digital asset unseated Facebook last week after its daily profits surged by nearly 10%. At over $700 billion, Bitcoin will need to battle it out with Tesla to go one step higher. At the highly anticipated $100,000, Bitcoin is certain to reach the top 5.
By market capitalization, Bitcoin is now the 5th largest currency in the world. Bitcoin unseated the Russian’s Rubble and Thai’s Baht, making up a large part of the overall cryptocurrency market value.
Getting to the number one spot may take a little longer, but with market maturity, Bitcoin is likely to sit within the top five in the coming years.
The future of Bitcoin is showing itself to be as promising and as revolutionary as its structure makes it. The increased interest rate is reflective of Bitcoin’s position as a globally disruptive technology.
Bitcoin’s global achievement has helped to put digital assets on the map since Bitcoin is the only cryptocurrency occupying this position. As altcoins continue to mature, the likes of Ethereum’s ETH and DeFi tokens are potentially capable of joining Bitcoin to hold positions as highly demanded global assets.