With a market cap of $941 billion, the world’s dominant crypto, Bitcoin, is now the tenth largest asset in the world. Trailing behind Meta by a minor margin, BTC has left Visa and Tesla in the dust. Gold, with a market cap of $13.6 trillion, dominated the list. Tech firm behemoths such as Microsoft, Google, and Amazon made up the top 6. BTC was the only crypto asset that made it to the coveted list, reflective of its impact on the financial market footprint.
Following the approval of spot BTC in January, several big institutional players initially wary of crypto have now lined up to join the bandwagon. There is speculation that multi-trillion-dollar asset manager Charles Schwab might be throwing a surprise despite fronting a centrist position. Although Schwab has yet to craft a proprietary offering, its customers can still buy shares in all approved spot Bitcoin ETFs.
Experts remained hopeful that things might soon change in the future. Some even predicted that Schwab might consider moving into the ETF arena, gaining the advantage of second movers where other entrants rushed to be first. “The customers are so loyal, and the products are so cheap, they don’t have to be in any rush. Rain or shine, the flows come in,” Bloomberg senior ETF analyst Eric Balchunas said in a recent interview.
Bitcoin ETF flows have overcome the milestone of $10 billion in assets under management, just a month after launch.
Bitcoin ATH In 2024
After overcoming the brutal 2022 bear market, BTC defied expectations with a 50% gain despite challenges such as the regional bank crisis, expedited by the bankruptcy of Celsius. Market observers foresee a major price surge that takes Bitcoin to new record levels. Crypto Rover, a popular market analyst, thinks Bitcoin might tap its all-time high in 2024.
But to do so, BTC must break above the $48,500 level, especially reaching the 0.61 Fibonacci level, which could propel the token on a bullish trajectory. Fibonacci levels are key indicators used by traders to spot potential support and resistance levels in financial markets and also include digital assets like BTC.