Bitcoin (BTC) has now moved past tech giant Facebook (NASDAQ: FB) and Tesla’s market cap of $765 billion and $773.52 billion respectively as of Thursday closing. Thus, if Bitcoin is considered an organization, it has now eighth largest market cap in the world and is third-largest asset class after Gold and Silver.

advertisement

It’s just another day in the life of Bitcoin (BTC) investors! Continuing its back-to-back rallies further, Bitcoin (BTC) has surged another 12% today crossing $41,000 levels in a bold move. At press time, BTC is trading at a price of $41,514 with a market cap of $776 billion.

As we can see, Bitcoin is now just ~$ 450 Million away from taking on giant Alphabet (NASDAQ: GOOGL). The search engine giant Google is clearly one among the world’s most valued companies and surpassing it will be a big win for decentralization enthusiasts.

Over the last month, Bitcoin has flipped some of the biggest organizations in the world including PayPal and Berkshire Hathaway. Bitcoin has more than doubled in size over the last month.

On-Chain Metrics for Bitcoin (BTC) Still Bullish, Next Target Alphabet??

The latest price rally in Bitcoin comes on the backdrop of strong on-chain developments happening recently. As per Skew Analytics, the Bitcoin futures volume has hit $100 billion for the first-ever time in history on Thursday, November 7.

#bitcoin futures volumes $100bln yesterday for the first time pic.twitter.com/T5yfvqBefd

— skew (@skewdotcom) January 8, 2021

Also, the total Bitcoin options open interest has crossed an all-time high above $10 billion. Skew Analytics mentions that as per the BTC options prices, the cryptocurrency holds some potential to surge past $100K levels by September 2021.

#bitcoin > $100k by September = 9% probability according to options prices pic.twitter.com/X7tfIUzrMH

— skew (@skewdotcom) January 7, 2021

On the other hand, the Bitcoin 200 weekly-moving-average (WMA) is increasing very fast at the rate of around 10%. Currently, the 200 WMA for BTC stands at $8500. At this rate, $100K levels don’t look so far enough!

#bitcoin 200WMA increasing 10% per month pic.twitter.com/JECDaxYZ4a

— PlanB (@100trillionUSD) January 8, 2021

About Author

Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.