Bitcoin Will Get Bigger Than Apple Sooner Than Expected, Predicts Ecoinmetrics
Ecoinmetrics, a Hong Kong-based platform that provides data and information about Bitcoin, predicts Bitcoin will get bigger than Apple as the world's second-largest asset by market cap earlier than expected, given current price doubling patterns after each reward halving.
In a thread of Twitter, Ecoinmetrics said that if the price of Bitcoin doubles the current price of $ 58,203 (at the time of writing this article), it would become larger than Apple by market capitalization. Ecoinmetrics Twitter says:
“When #Bitcoin hits $ 110k, its market cap will be higher than Apple's. That's roughly double the current price. '
According to Ecoinmetrics, after each halving, it takes 12 to 300 days at a time to get the 2x price. After the first halving In November 2012, it took 77 days to double the price. The second doubling took 35 days, the third price doubling occurred in the next 15 days, the fourth took 217 days, and then the fifth 2x price took only 12 days.
In the second halving in May 2016, the first price doubling occurred after 292 days, the second after 39 days, the third after 129 days, and the fourth after 50 days.
In the last Bitcoin block reward halving on May 11, 2020, it took 190 days for the coin to double the first price and the second only in 50 days.
It has now been 82 days since the last doubling after the third halving. This next price doubling will occur at $ 74,000. So given the pattern, $ 74K can be expected in the next 2 months.
These patterns hint that $ 110K can happen quite quickly and the news coming out of the industry also supports this theory. According to some sources, after months of sales pressure, Bitcoin miners are now back in hodling mode. According to Lark Davis, a Kiwi investor in crypto and Bitcoin:
“Bitcoin miners are fighting! After months of selling pressure, they are back in accumulation mode. This should clear the way for a BTC price rally.
Spencer Schiff, data analyst and Bitcoin enthusiast, said:
In the first quarter of 2021, gold’s price declined by 10% while #Bitcoin appreciated by 100%. This disparity will persist as monetary demand flows to the superior store of wealth.
– Spencer Schiff (@SpencerKSchiff) April 4, 2021
“In the first quarter of 2021, the price of gold decreased 10% while #Bitcoin appreciated 100%. This disparity will persist as the demand for money flows to the upper store of wealth.
Too more institutional investment is expected. According to some people reports, Walmart, an American multinational retail corporation with more than 11,000 stores, has invested $ 1 billion in Bitcoin. Although, the official announcement is yet to come.