Bitcoin has reached a historic milestone. Bitcoin’s price broke through the $94,000 mark on Wednesday and is now slightly up year-to-date. With a market capitalization of $1.86 trillion, the cryptocurrency has even temporarily surpassed Alphabet to secure fifth place among the world’s largest assets.
Although Bitcoin previously reached a market capitalization of over $2 trillion when its price was above $109,000, its current position marks a new record in the asset rankings. At that time, tech stocks were significantly more highly valued, which influenced Bitcoin’s relative position. However, with the start of US trading, Alphabet and Amazon were able to once again overtake Bitcoin.
A key catalyst for the recent rise is renewed confidence in the markets. Tensions in the trade war between the US and China appear to be easing, boosting not only Bitcoin but also tech stocks. The Nasdaq is currently up nearly four percent, underscoring the positive sentiment.
From a technical perspective, Bitcoin has overcome a major hurdle by breaking through the $92,000 mark. This puts the price back within the trading range of $92,000 to $108,000 from the end of last year. Therefore, the price’s next target would be the above-mentioned range limit, as long as Bitcoin can stay above the $92,000 mark.
The leading cryptocurrency is currently stronger than ever. Investors remain on board.
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