Bitcoin’s (BTC) latest climb to the $111,000 level has taken its market cap into the top five assets of the world. BTC has overtaken Amazon’s market cap once again after its recent rally. BTC currently has a market cap of $2.213 trillion. Amazon, on the other hand, has a valuation of $2.135 trillion. BTC is currently bested by only Apple, Nvidia, Microsoft, and gold.
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After Amazon, Can Bitcoin Overtake Apple?
Apple has a market cap of $3.018 trillion right now. On the other hand, there are 19.7 million BTC in circulation. If Bitcoin’s market cap hits $3.018 trillion, the price of each coin will reach about $157,671 ($3.018 trillion divided by 19.7 million). BTC’s price will rally by 41.52% if it hits $157,671.
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According to CoinCodex’s analysis, Bitcoin (BTC) may continue to rally over the coming weeks. The platform anticipates the asset to trade at $166,151 on Aug. 19 of this year. BTC’s price will face a 49.13% rally if it hits the $166,151 target.
What’s Pushing The Asset’s Price?
BTC’s latest rally could be due to a spike in institutional investments. While BTC is trading at new highs, other major assets are far from their respective all-time highs. Retail investors are likely sitting this rally out.
The rally could also be due to a spike in bullish sentiment among investors. The SEC has a pro-crypto head. The US government is helmed by a pro-crypto administration. The environment may appear right for many to increase their crypto exposure.
We may see a market-wide rally if the Federal Reserve cuts interest rates. There is a chance that the Fed will cut rates if inflation in the US continues to decline.
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There is also a possibility that Bitcoin (BTC) will face a correction in the coming weeks. BTC may face hurdles if institutional inflows drop.
