- Bitcoin market cap has surged higher with price to surpass the level of $1 trillion
- The Bitcoin market cap is expected to surge more in the short-term
- The price of the token is also expected to surge more in the short term
The Bitcoin market cap was soaring since Q4 2020 with the soaring price of the token. Performing tremendously the token has generated an amazing buying frenzy. In recent months, buyers in the crypto market were taking firm control of the token to send it to new all-time highs.
According to the data from CoinMarketCap, on Friday, the total market capitalization of Bitcoin surpassed the benchmark level of $1 trillion. Indeed, the achievement of the new milestone is a monumental event highlighting how far the crypto has come.
Bitcoin gaining bullish momentum with soaring market cap
Crypto market is showing an immense sign of strength, except some DeFi altcoins. In the last couple of days Bitcoin has witnessed some wild price actions. The Bitcoiners drive the price of the token higher and put a firm end to its recent consolidation phase. However, the help of the Bitcoiners have allowed the token to surge higher crossing the $1 trillion market cap milestone.
On the other side, following the data from InfiniteMarketCap, it is observed that among assets by market cap, Bitcoin has surpassed the Tencent. Currently, taking the eighth position in the list of assets by market cap.
BTC seems to surge more in the short term
Bitcoin market cap has surged to surpass a new milestone, still the token is showing no chances of slowing down. Microstrategy has completed its convertible note offering. As the offering is completed, there are expectations that soon the firm will be injecting billions of dollars in the crypto assets. However, if the firm injects the fund then the funds will become the source for the next bullish rally.
On the other side, several large buyers or so called Bitcoin whales are aggressively bidding on the token currently. Moreover, following the facts it seems very unlikely that any correction will be observed in the short-term. Several analysts in the cryptosphere are claiming that the next move of the token is to gain the price level of $60,000. According to Shane Oliver, head of investment strategy with AMP Capital Investors Ltd, FOMO is playing a bigger role, and driving the current interest towards the crypto market.
