Bitcoin (BTC), the first and the original cryptocurrency, has been the biggest value holder of all digital assets. But, it is not always a good trip. The volatile market of cryptocurrencies has caused prices to go up and down many times. Thus, billions have been added or taken away from Bitcoin’s market cap in such a short time while.
In 2024, the promo saw a good start in the first quarter, followed by a slow summer of sideways trading without any apparent trend. Since the twentieth of October, however, the times have changed—Bitcoin, along with the whole of the crypto market, is now experiencing a bull run being supported and largely driven by the revived recession fears and the Donald Trump election, which has been considered to be the pro-crypto candidate of 2024 presidential race.
Although it had some problems, Bitcoin has reached an all-time high level, at prices higher than $100,000 for the first time. At the time of the report, one BTC was traded at approximately $102,632. The recent move to the upside brings along another major milestone – as of the time of writing, Bitcoin is now the 10th most prominent currency worldwide, which is a fact that could potentially be furthermore it would legitimize this as not only a speculative investment but also a store of value.
Australian Dollar will Hong Kong follow?
The market capitalization of all bitcoins has risen from 19,790,568 Bitcoins per Finbold data on December 5 to 19,485,928 BTC, which is over the Australian dollar. Bitcoins alone exceed the supply of the Swiss Franc, New Taiwan Dollar, and Brazilian Real from several big economies.
Bitcoin is far more distant from the Hong Kong Dollar, the second-largest currency in the world, with a market capitalization of 22,867,604 BTC. Bitcoin needs a 15% price increase to surpass HKD, which is possible given market cycles. As Bitcoin approaches $110,000, $8 billion in short bets may be liquidated, perhaps leading to a bullish market with more buyers.
The use of Fibonacci in technical analysis by TradingShot. The originator of these levels packages suggests that Bitcoin might reach $140,000 by the first quarter of 2025. Even at such a price, Bitcoin will be worth a little less than the Hong Kong Dollar despite its large growth. BTC is expected to soon lead the currency market, with other currencies following.
Bitcoin’s Rise to the 10th Spot
Growth and volatility are necessary for Bitcoin to become the 10th largest currency. In late 2024, this market cap exceeded the market shares of fiat currencies. The Swiss Franc, Canadian Dollar, and Australian Dollar make it one of the world’s most powerful currencies. Bitcoin has made great strides since Satoshi Nakamoto launched it in 2009. Many initially dismissed it as a useless technology.
One of the reasons for Bitcoin’s surge is its acceptance. By both institutions and individuals as a store of value similar to gold. To many, Bitcoin is a safe investment for inflation and currency depreciation, especially during economic turmoil. This idea has become even more solid after inflationary effects. The globe, changing interest rates, and unstable financial institutions. Due to its decentralized nature, Bitcoin can function without. The control of banks and governments over its users. Thereby allowing users to operate with some level of safety and liberty from financial systems.
Also Read: The 10 Best Cryptos to Mine in 2024: Profitable Bitcoin Alternatives
Conclusion
Bitcoin has now become the 10th largest currency in the world, a major step toward broad acceptance. Its market capitalization, institutional support, and position as a store of wealth grow. Bitcoin is becoming a worldwide financial pillar. Despite its issues, Bitcoin’s future seems bright as more investors and organizations embrace the decentralized virtual asset. Bitcoin’s growth may require us to rethink money and the global financial system.
FAQs
What has driven Bitcoin's recent price surge?
Bitcoin's price surge is largely driven by revived recession fears and the pro-crypto stance of Donald Trump's 2024 presidential campaign.
How has Bitcoin's role evolved in the global economy?
Bitcoin is increasingly recognized as a store of value, similar to gold, and is seen as a hedge against inflation and currency depreciation.
What are Bitcoin's future growth prospects?
Bitcoin’s market cap could potentially surpass the Hong Kong Dollar if its price reaches $110,000, with predictions of hitting $140,000 by early 2025.
What challenges does Bitcoin still face?
Bitcoin must address ongoing volatility and regulatory challenges, but its increasing institutional support suggests a promising future.
