Bitcoin’s price soared to a new record high exceeding $124,000 on Thursday, fueling increased optimism. Some analysts believe the cryptocurrency’s ongoing price discovery could potentially drive its market capitalization to rival that of Apple, currently valued at $3.4 trillion.
The world’s leading cryptocurrency, Bitcoin (BTC), reached a peak of $124,457, momentarily surpassing Google’s $2.45 trillion market cap and claiming the spot as the fifth largest asset globally.
Tyler Winklevoss, co-founder of Gemini, shared his enthusiasm on X with the comment, “Bitcoin all-time high and it’s only Wednesday!” in a social media update. This sparked a wave of positive reactions, notably from investor Kyle Chassé, who suggested it could be Bitcoin’s “best week.”
This unprecedented milestone has ignited renewed investor interest and speculation about the continuation of Bitcoin’s price surge, with some suggesting it may challenge Apple’s dominant market capitalization.
Crypto analyst and Taproot developer Udi Wertheimer noted in a Thursday post that Bitcoin would need to exceed $175,000 to surpass Apple’s $3.4 trillion valuation, a scenario he believes is possible before the end of August.
However, even that projection is conservative compared to BitMEX co-founder and Maelstrom CIO Arthur Hayes, who foresees a potential climb to $250,000 in 2025. This prediction is based on the assumption that the U.S. Federal Reserve will adopt quantitative easing, injecting further liquidity into the financial system amidst rising inflation.
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Institutional Capital Driving Bitcoin’s Ascent
Bitcoin’s recent surge propelled the total cryptocurrency market capitalization beyond $4.1 trillion, a historic first.
According to Vugar Usi Zade, COO of Bitget exchange, this uptrend indicates rising “institutional capital” fueled by favorable economic conditions and improving regulatory clarity.
Zade told Cointelegraph that US policy adjustments, like the recently approved GENIUS Act, coupled with “structural changes” like 401(k) crypto allocations, are drawing increased institutional investment and driving Bitcoin’s momentum.
“It is not just a wave of speculative enthusiasm; it is the groundwork for crypto’s integration into mainstream portfolios.”
He further added that, “Whether this signals the beginning of a multi-quarter bull market expansion or the crest before a consolidation phase will depend on how well the market absorbs its own momentum.”
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Other analysts share the bullish sentiment surrounding Bitcoin. Jeff Park, CIO of ProCap BTC, expressed in a Wednesday social media update, “This is objectively the easiest BTC bull run set up ever.”
Meanwhile, according to a Wednesday post by analyst Rekt Capital, $126,000 is emerging as the next key price level to confirm a further breakout, especially after Bitcoin successfully established $120,000 as a significant support.
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