Thanks to the umpteenth record day of Bitcoin, the cryptocurrency market capitalization has broken through the $XNUMX trillion mark for the first time in its history. To be clear, we are talking about a figure corresponding to the entire Swiss economy and equal to half the value of Apple, the largest company in the world by market capitalization.
An unthinkable goal until a few months ago, when doubts about the security and shadows of digital currencies seemed to have taken over hopes and investments. But the rise of bitcoin now seems unstoppable. In the last 12 months, the world's most popular cryptocurrency has grown by almost 400%, reaching a new all-time high on the Coinbase platform of $37.823.
Bitcoin, underlines Bloomberg, with its 700 million dollars of capitalization, today represents approx two-thirds of the market value of cryptocurrencies. In second place, with a sidereal gap, is Ethereum, which accounts for 13% of the entire market and which in the last year recorded an increase of 754%.
However, the dizzying percentages seen in 2020 could be just the beginning. According to a forecast by JP Morgan, Bitcoin could now compete with gold in the same asset class and, in the long term, its value could reach up to $146.000.
“This long-term upside based on a leveling of the market capitalization of bitcoin with that of gold for investment purposes is conditional on the fact that the volatility of bitcoin converges with that of gold in the long term”, wrote the analysts of the US investment bank. “The reason is that, for most institutional investors, the volatility of each class matters in terms of managing portfolio risk and the higher the volatility of an asset class, the more risk capital this class consumes. of activity,” they added.
Favoring the rally, which now seems to have become unstoppable, was above all theinterest of institutional investors for the cryptocurrency market in general and bitcoin in particular. An attention that has completely changed the market and increased confidence in it.
