Currently, Bitcoin’s market capitalization is climbing, reaching the 10th position in the rankings, surpassing the $800 billion mark as Bitcoin reached a new high in 2023 at $41,750.Bitcoin’s market capitalization officially surpassed Meta when BTC touched $44k on the early morning of December 6th.
With this momentum, Bitcoin is now on a trajectory towards the dream milestone of a $1 trillion market capitalization – a significant benchmark that will further solidify Bitcoin’s position in the global financial landscape.
At present, Bitcoin is entering its 8th consecutive week of gains, with a potential correction at around $42,000. The weekly candle closing at $40,000 indicates continued buying pressure in the first half of December. BTC’s trading volume over the past week, according to CoinmarketCap, was approximately $130 billion, showing no significant breakthrough compared to the previous week.
Along with this upward trend, the price of BTC is entering the mid-range of the three-year-long uptrend and downtrend, ranging from $42,000 to $48,000. This is also the price range marking the beginning of the downtrend. If BTC enters this range, many “FOMO” investors may consider “cashing out.”
Fibonacci price measurements also indicate resistance levels between Fibonacci 0.5 and Fibonacci 0.618. From here, if BTC continues to rise, it will encounter technical resistance and may experience a significant correction. In the past four years, 7 consecutive weeks of BTC gains have been a record, and BTC has never closed the weekly candle green for the 8th consecutive week.
Currently, investors are planning to take profits to protect their assets. This appears to be a relatively safe decision after the tumultuous market in 2022.
Alongside today’s rise, Bitcoin has officially entered the TOP10 list of the world’s highest market capitalization assets, surpassing the beloved Berkshire Hathaway, the investment legend Warren Buffett’s darling.
Bitcoin’s current market capitalization exceeds $800 billion, and if this upward trend continues, Bitcoin is likely to continue climbing the rankings.
In addition to Bitcoin, the world gold price has also set a new all-time high of over $2,140 on December 4, 2023.