Analysts predict the Bitcoin (BTC) market cap will reach $1.5 trillion amid surges in spot exchange-traded funds (ETF) from BlackRock and others and the trade volume of the top 10 crypto assets. Jurrien Timmer from Fidelity predicts that Bitcoin will soon capture 25% of the non-industrial gold market.

Institutions and analysts have turned bullish that surges in XRP, ETH, and BTC, coupled with ETF-fueled interest from institutions, will see the crypto market increase its capitalization by at least $500 billion.

Why the Bitcoin Market Cap Is Rising

This week, Elon Musk implicitly endorsed Bitcoin as a true currency in response to a 2016 statement from Warren Buffett. Buffett said in 2016 that time, not money, was useful for him.

Musk replied with ‘time is currency,’ echoing reflections from an anonymous writer, Gigi, who said that Bitcoin block height is a time measurement. Musk’s tweet comes amid feverish speculation about the future of Bitcoin. Recent surges in XRP, ETH, and BTC prices have increased cryptocurrency market capitalization to over $2 trillion.

“Today, it is again a timekeeping device that is trans­forming our civiliza­tion. a clock, not computers, is the true key-machine of the modern infor­ma­tional age. And this clock is Bitcoin,” Gigi wrote.

Read more: What Is Market Capitalization? Why Is It Important in Crypto?

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Author: David Thomas

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