A 5% Move Pushes Bitcoin To A $1 Trillion Market Cap

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:13 pm

2 mins read

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Bitcoin price has broken $50,000 and is now well above the key phycological resistance level. At the halfway point to $100K per coin, there was bound to be some resistance, but already bulls have pushed the price per BTC to new record highs.

At the current price per coin, the first ever cryptocurrency is less than a 5% move away from reaching a $1 trillion market cap for the first time ever. Here’s what reaching such an astounding achievement means for the future of the cryptocurrency market and the rest of finance.

Bitcoin Market Cap Prepares For Break Above $1 Trillion

Bitcoin price is trading at roughly $51,250 at the time of this writing, and the moment the asset passes roughly $54,000 per coin it will have surpassed a total market cap of over $1 trillion. The distance is less than 5% per BTC away from here, making the move above the landmark level imminent and possibly only hours away.

As the chart below highlights, passing each major rounded number has been of particular importance.

During the bear market of 2014 and 2015, Bitcoin ranged below $5 billion in total capital, and once $10 billion was passed, the bull market began. The most recent bear phase took Bitcoin between $100 billion and $200 billion and is now on track to break past $1 trillion any day now.

Could this once again create a situation where another zero gets added to the end before the mania is over, taking the total Bitcoin market cap to $10 trillion before its all said and done?

Only a 5% move is needed to take the BTC market cap above $1 trillion | Source: CRYPTOCAP-BTC on TradingView.com

Replacing The Gold Standard With An All-Digital Narrative

At a $10 trillion market cap the price per coin is a lot closer to $500,000 each, and on par with the current gold market. Bitcoin has been “eating” gold recently, since the digital narrative took hold and public companies began buying BTC.

Gold began a bull phase slightly before Bitcoin, but once the pandemic struck, the two assets diverged and crypto took control over incoming capital.

As soon as Bitcoin’s trend picked up in momentum, outflows from the gold market made its way into crypto and the flood gates have been open ever since.

A $10 trillion market cap in the top cryptocurrency would almost certainly come at the expense of the aging physical metal. At more than gold’s market cap, the only asset it will have left to beat, is the dollar.

At $100 billion Bitcoin cemented its place in the financial world. At $1 trillion, that cement has built a foundation at which the cryptocurrency has a real chance to become the most dominant asset in the world.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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