 BTC price can surge 43% before 'bubble' as Bitcoin market cap hits $2T 
2024-12-05

Bitcoin BTCUSD has become a $2 trillion asset and the world’s seventh largest after crossing $100,000 for the first time.
$102,000 Bitcoin has $2 trillion market cap
Data from Cointelegraph Markets Pro and TradingView confirms that the current BTC price of $102,800 equals a total market cap of $2.034 trillion.
In hitting six figures, BTCUSD now reflects the seventh most valuable asset in the world by market cap — higher than silver and top global firms such as Meta and Saudi Aramco.
“This comes just 5 minutes after Bitcoin crossed the historic $100,000 level,” one reaction to the feat from trading resource The Kobeissi Letter reads.
As Cointelegraph reported, Bitcoin found sustained intense buying pressure on the day that Jerome Powell, Chair of the United States Federal Reserve, reiterated that he considers it a “competitor” to gold.
“People use Bitcoin as a speculative asset. It’s just like gold, only it’s virtual, it’s digital,” he said at the DealBook Summit in New York on Dec. 4.
Combined with incoming President Donald Trump’s nomination for Chair of the Securities and Exchange Commission, or SEC, bullish momentum soon began to create new BTC price records.
Shorts felt the heat as a result, with short BTC liquidations totaling $134 million for the 24 hours to the time of writing, per data from monitoring resource CoinGlass.
Commenting, longtime market observers saw Bitcoin doubling down on its giant November monthly candle — itself a record-breaker in US dollar terms.
“Breakout confirmed,” popular trader and analyst Rekt Capital told X followers alongside a print of the 1-day chart.
Monthly timeframes were no less impressive for fellow trader Aksel Kibar, who, despite dismissing the significance of the $100,000 mark, was in no two minds about Bitcoin’s latest achievement.
“The hurdle was at 73.7K. It is broken with a long monthly candle in November,” he argued. 

BTC price metric: No “bubble” before $150,000
The US spot Bitcoin exchange-traded funds (ETFs) meanwhile saw another day of major net inflows, these passing $500 million for a second day in a row.
“Fresh capital is fueling Bitcoin,” Ki Young Ju, founder and CEO of onchain analytics platform CryptoQuant, commented on X. 
Ki uploaded a BTC price prediction model based on Bitcoin’s realized cap — the market cap based on the aggregate price at which the supply last moved.
“As the realized cap grew, the ceiling price increased from $129K to $146K in 30 days,” he noted.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.