Bitcoin is about to perform its most important feat yet: achieve a market cap of over $1 trillion. And it just got past the first major hurdle at $52,000.
The $54,000 price level and above is the only remaining threshold in the way, and once past it, a flood of trillions in capital could follow after the milestone is set.
Bitcoin just took out $52,000 just a day after poking above $50,000 per coin for the first time ever. The price per BTC is now more than double the former bull market peak, and prices below five digits are now long gone.
Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026
And soon, if the momentum continues the cryptocurrency can say goodbye to five figures too.
Bitcoin breaks above $52,000 as it gears up for a push beyond $1 trillion | Source: BTCUSD on TradingView.com
The high was set on spot exchange Coinbase which has been leading the ongoing institutional buying trend. The exchange is said to be where Tesla and other big companies got their coins, which explains the constant premium per coin on that platform.
Consolidation around $50,000 was likely to build up enough momentum to push Bitcoin through the real resistance level: a $1 trillion market cap.
Here's how close Bitcoin is to $1 trillion | Source: CRYPTOCAP-BTC on TradingView.com
Big investors could have ditched the price per coin as their chart of choice, instead focusing on the Bitcoin total market cap. At the current cost per coin, the cryptocurrency is less than 5% away from setting the record.
Related Reading | Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next
At $1 trillion, Bitcoin will have ‘made it’ in the world of finance and can no longer be denied. At that size of a market cap it will have enough liquidity for big investors to continue to buy, further supporting the ongoing parabolic price trend.
Featured image from Deposit Photos, Charts from TradingView.com
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