Bitcoin’s total market capitalization (market cap) has surpassed $100 billion, making it worth more than many U.S. companies.
At this level, Bitcoin is worth more than investment bank Goldman Sachs Group Inc. and household names like eBay Inc.
The digital currency reached this milestone shortly after breaking through $6,000 earlier today.
After rising past this level, the cryptocurrency has returned more than 500% year-to-date (YTD).
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Bitcoin has managed to enjoy these continued gains as the broader digital currency space continues to draw interest from a wide range of players.
“Bitcoin and crypto space is getting a lot of interest from people and institutions,” stated digital currency trader Marius Rupsys.
Ryan Rabagalia, head trader for Octagon Strategy, also weighed in on this growing visibility.
He asserted that while “Bitcoin’s recent surge can be attributed to a multitude of factors,” “none are quite as evident as the astounding amount of attention it’s getting in the media.”
“Big names continue to pour in and positive sentiment has never been higher,” Rabaglia emphasized.
A Major Milestone
Surpassing $100 billion in total value represents a major milestone for Bitcoin, and this development could both fuel greater media attention and also motivate more investors to consider digital assets.
Rising above this milestone “is definitely something to report,” said Rupsys.
“I would agree that it would encourage more investments into the space for particular investors,” he stated.
“Many people heard of bitcoin but did not get in, so hearing that crypto space grown this much will likely to catch their attention.”
Arthur Hayes, co-founder and CEO of leveraged cryptocurrency trading platform BitMEX, described Bitcoin’s $100 billion market cap as a very good validator, emphasizing that “Anyone who sat on the sideline deliberating an investment in Bitcoin will FOMO into the space.”
Going forward, several analysts offered positive outlooks on the digital currency space.
Lucas Geiger, founder and CEO of Wireline, emphasized that when considered relative to many other assets out there, $100 billion is a small figure.
“When we consider how many business processes could incorporate crypto tokens, we see how much potential there is,” he stated.
Geiger emphasized that while we should celebrate Bitcoin crossing the $100 billion market, we should keep in mind all the new applications that will be enabled by more widespread adoption of digital currencies.