Although the cryptocurrency market is currently going through a difficult period, some investors are predicting a bright future for its largest asset, Bitcoin (BTC), and many are hoping to accumulate as much as possible before it is too late.
Circumstances seem to be working in their favor as Bitcoin’s market capitalization currently equals only 0.1% of the total global wealth, according to the data retrieved on September 14 from the analytics platform PricedInBitcoin21, which denominates and tracks various assets in Bitcoin.
Specifically, the total global wealth at press time stood at an estimated $418.3 trillion, whereas the market cap of Bitcoin was close to $390 billion, as per combined PricedInBitcoin21 and CoinMarketCap data.
Bitcoin vs. global wealth and U.S. banks’ assets
Compared to the assets of the commercial banks headquartered in the United States, the ratio is slightly higher, as Bitcoin’s market cap equates to 1.7% of the U.S. commercial banks’ holdings expressed in USD.
It is also worth noting that Bitcoin is recording astronomical five-year return rates, dwarfing other asset classes, including the stocks of five leading banks, despite its pronounced volatility and significant sell-offs, according to the data from the Finbold ROI tool.
Investor interest and price analysis
On top of that, in the opinion of the professional crypto trader and analyst Josh Rager, Bitcoin is set to have a significant rally in 2024, just after its next halving event, roughly every four years.
Meanwhile, investor interest in buying Bitcoin has remained low in comparison to when the asset’s value was rising, as investors are waiting for a potential bottom – a scenario that might motivate more people to buy the dip.
At press time, the price of the maiden cryptocurrency stood at $20,296, indicating a 4.36% drop on the day, but still a 7.69% increase across the previous seven days, according to CoinMarketCap data.