- Bitcoin has surged to $89,500, marking yet another all-time high
- The cryptocurrency has now outgrown outpaced silver in market size
- DOGE has also seen massive growth, doubling in value within just 48 hours
After a remarkable day’s price action, Bitcoin’s value has inched close to $100,000, a milestone fueled by significant demand and investment interest. This recent surge has propelled Bitcoin beyond silver in terms of market capitalization, solidifying its place as one of the world’s most valuable assets. Meanwhile, Dogecoin (DOGE) has also soared, achieving a twofold increase in just two days, captivating crypto enthusiasts with its rapid ascent.
Bitcoin’s Meteoric Rise
Bitcoin’s dramatic climb has captivated the financial world, particularly with its record £8,300 gain in a single day. Now larger than silver in terms of market cap, Bitcoin’s growth represents an extraordinary achievement for the digital asset, once considered highly speculative.
Experts point to increasing institutional adoption and renewed interest in digital assets as the main drivers behind Bitcoin’s growth. Large investment firms, recognizing Bitcoin’s potential as a hedge against inflation, have injected significant capital into the market, further driving prices up.
The incredible run leaves Bitcoin just 10% short of the magic figure of $100,000, printing new millionaires in the process.
Dogecoin Follows Suit
While Bitcoin has garnered most of the attention, Dogecoin has also surged in recent days, doubling in value within a 48-hour span, aided by celebrity endorser Elon Musk’s ascension to White House advisor.
The question on everyone’s mind is when Bitcoin will break the $100,000 mark. If yesterday’s price action is anything to go by then we could see it this week, but nothing goes up in a straight line forever, which is what Bitcoin has done:
It would be sensible, therefore, to expect at least one pullback before hitting that magic figure, although we wouldn’t count on it!
