- Bitcoin nearing Google’s market capitalization.
- Many investors see Bitcoin as a hedge against inflation.
- Analysts predict BTC price could reach over $400K.
Welt market analyst Holger Zschaepitz explained that the market capitalization of Bitcoin is nearing Google’s market cap of $1.5 trillion.
Bitcoin holds the strongest network effect in the crypto market. Notably, the main difference between Bitcoin and other crypto is that BTC has a huge institutional demand as a store of value.
Bitcoin Price Forecast
Many investors see Bitcoin as a hedge against inflation. According to CoinGecko, the current market cap of Bitcoin is at $1.02 trillion and the BTC price is at $55.3k, at the time of writing.
Recently, Elliott Wave predicted that BTC price could reach $100,000 soon. In January, the strategists JPMorgan mentioned that the BTC price can spike to a high price of $1,46,000 as it competes with gold as a store of value.
In addition, the BTC price may easily reach six figures, as predicted on the popular stock-to-flow model, and BTC can reach as high as $400,000, as per Bloomberg analysts Mike McGlone.
Despite the huge crypto rally, today the price of BTC dropped about $10k and reached $50k from $60k within an hour. Also, the total crypto market also decreased to $1.979 trillion. However, the crypto market just lost the market cap it gained over this month. Along with BTC many altcoins prices also showed bearish movement.
Furthermore, many investors and crypto traders believe that the crypto market will soon recover from its current state and can reach as high a price as analysts predicted.