In a breathtaking turn of events, Bitcoin moved back above the $28,000 mark on Monday as investors weigh the SEC’s potential approval of several pending Bitcoin spot ETF applications. The electrifying rally has sparked bullish calls for the pioneering cryptocurrency to reach or even surpass a market cap of $15 trillion.
Bitcoin’s Path to a $15 Trillion Market Cap
SkyBridge Capital founder and managing partner Anthony Scaramucci is ultra bullish on Bitcoin. The former US politician now estimates that Bitcoin has the potential to grow 2,662% from its current market capitalization of around $546 billion, according to CoinGecko data.
“I think Bitcoin could easily be a $15 trillion asset,” Scaramucci said in a recent interview, he expects Bitcoin to “easily become a $15 trillion asset” in the coming years amid the broken US financial system. According to the business mogul, Bitcoin is “more valuable than gold” and could become a store of value. Scaramucci noted that for these reasons, “we own a lot of Bitcoin here.”
Bitcoin (BTC) saw a 4.8% gain over the past 24 hours, pushing its price above $28,138 at press time. This rapid rise came after a significant legal update to Grayscale’s Bitcoin spot ETF aspirations. As ZyCrypto reported Previously, the Securities and Exchange Commission did not appeal an August court ruling regarding the blocking of Grayscale’s ETF application.
Scaramucci’s prediction of $15 trillion for Bitcoin’s market cap means a price of over $700,000 per coin, given its hard cap of $21 million.
Elsewhere in the crypto market
Ethereum (ETH), the second most valuable cryptocurrency, saw a 4.0% increase, reclaiming support above $1,618.
The rest of the cryptocurrency market took inspiration from the resurgence of Bitcoin and Ethereum, with widespread rallies.
The overall crypto market cap jumped 4.0% since yesterday, adding around $25 billion. The most bullish move came from Solana, as FTX’s bankruptcy estate put about 10% of its massive holdings on the line over the weekend, easing fears of potential dumping. SOL rose by 7.8%, making it the best performing among the top ten cryptocurrencies in the market.
BNB, the native token of global exchange Binance, also saw a rally today after the company eliminated a whopping 2.14 million BNB tokens – valued at $453 million – from circulation during its 25th quarterly burn event.