In a historic milestone for cryptocurrency, Bitcoin's value has exceeded the price of one kilogram of gold, with the digital currency surpassing $89,000 while gold trades around $84,000 per kilogram.
The leading cryptocurrency has shown remarkable growth, posting a 10% increase in just 24 hours and an impressive 30% gain over the past week. This surge has pushed Bitcoin's market capitalization to $1.77 trillion, overtaking silver and positioning it to potentially surpass Saudi Aramco's $1.807 trillion valuation.
Market analysts suggest this rally may be just the beginning. Based on historical patterns following Bitcoin halving events, crypto analyst Rekt Capital projects the current bull market could extend until October 2025. This prediction stems from consistent patterns observed in previous halvings, where Bitcoin reached peak values approximately 518-549 days after each event.
The recent price surge appears driven by multiple factors, including decreased selling pressure and increased institutional interest. Bitcoin analyst Vijay Boyapati points out that after six months of absorbing sell-offs from major holders like Mt Gox and the German government, the market now faces fewer large-scale sellers.
The rally has sparked widespread effects across the crypto ecosystem. Coinbase, the largest U.S.-based crypto exchange, has seen its app climb to its highest ranking since February 2022 on the Apple App Store. The platform's stock has also surged above $300, reaching levels not seen since November 2021.
Adding to the momentum, discussions about creating a U.S. Strategic Bitcoin Reserve have gained traction. Senator Cynthia Lummis's Bitcoin National Reserve Act could potentially receive bipartisan support, marking a shift in institutional attitudes toward cryptocurrency.
The broader Bitcoin ecosystem, including ETFs and related companies like MicroStrategy, has experienced unprecedented trading volumes. Bloomberg reports the combined trading volume reached $38 billion in a single day, highlighting the growing mainstream acceptance of cryptocurrency investments.
As Bitcoin continues its upward trajectory, many market observers anticipate the possibility of reaching $100,000 before the month concludes, potentially establishing new benchmarks in the digital asset space.