Thomas Daniels
Bitcoin’s market capitalization has exceeded Ethereum’s by more than $1 trillion, reaching an impressive $1.35 trillion as Bitcoin (BTC) price surged above $68,000. This milestone represents an all-time high for the market cap spread between the two leading cryptocurrencies.
According to Glassnode’s lead analyst James Check, this gap reflects Bitcoin’s robust growth trajectory. “Bitcoin now has a $1 trillion market cap lead over Ethereum, a new ATH for the spread,” Check stated in an Oct. 19 post on X (formerly Twitter). Despite Ethereum enthusiasts predicting a strong comeback, Check hinted that Bitcoin’s dominance may continue.
Currently, Ethereum’s market cap stands at $318.32 billion, significantly trailing Bitcoin’s. This disparity widened after BTC’s 8.9% market cap increase since Oct. 12, sparking speculation about continued upward momentum for Bitcoin.
Bitcoin hit $67,000 on Oct. 19, marking the first time it reached this price level since July 2023, when its market cap last touched $1.34 trillion. At press time, BTC is trading at $68,152, just shy of its all-time market cap high of $1.41 trillion, recorded in May 2021.
Globally, Bitcoin now ranks as the 10th largest asset by market cap, just behind Meta Platforms (formerly Facebook), which boasts a $1.48 trillion valuation. Meanwhile, gold remains the largest global asset with an $18.38 trillion market cap, according to data from CompaniesMarketCap.
Prominent Bitcoin advocates are optimistic about the cryptocurrency’s future growth. Bitcoin maximalist Fred Krueger speculated that the global market could reach $100 trillion by 2040, implying a potential price of $5 million for Bitcoin. Echoing this sentiment, crypto analyst Dylan LeClair described Bitcoin as “a $100 trillion idea” in a recent Fox Business interview.
Others, including BlackRock CEO Larry Fink, have drawn comparisons between Bitcoin and the early stages of the mortgage market, hinting at Bitcoin’s long-term potential. Despite these bullish views, some traders argue that Bitcoin’s current price levels show no signs of market froth.
As pseudonymous investor “Bitcoin for Freedom” pointed out on X, “The Fed printed $16T during the pandemic. That’s x12.4 the current Bitcoin market cap. We are very early.”
