By
Godfrey Benjamin
May 10th, 2024
The world’s largest cryptocurrency Bitcoin (BTC) has moved past its crucial resistance of $50,000 thereby overtaking Facebook (FB) in valuations. As Q4 2021 begins, analysts are eyeing a major bull run ahead.
The world’s largest crypto Bitcoin (BTC) is now more valuable than social media giant Facebook Inc (NASDAQ: FB). The Bitcoin price has moved past $50,000 levels and is currently trading at $50,823 with a market cap of $966 billion.
This makes the world’s largest crypto bigger than the sixth-largest company by market cap. The recent scenario for Bitcoin spans out after FB stock collapsed earlier on Monday, October 4.
After facing a massive outage earlier this week FB stock tanked 5%. Almost all of the Facebook-operated platforms like WhatsApp, Instagram, and Facebook were down due to the outage. This was also the worst outage that Facebook faced after 2008 when the website went offline for a day. The company’s CEO Mark Zuckerberg reportedly lost $6 billion from his personal wealth as a result of this.
However, FB stock partially regained the dip during Tuesday’s trading session. As of Tuesday’s closing, FB was trading 2.16% at a price of $332. also, the Facebook stock still trades at a 23% premium year-to-date.
Bitcoin Preparing for the Q4 Rally
The fourth quarter of the year has always been favorable for Bitcoin and the overall crypto space. also, the early signs of the bull run are clearly visible. In the first six days of Q4 2021, Bitcoin has already gained 18% so far from its closing on September 30.
Also, moving past the crucial resistance of $50,000 levels has also triggered a bullish stand for the crypto. Analysts are now eying the $100K target for Bitcoin by the end of the year. OANDA senior market analyst Edward Moya said:
“Bitcoin is closer to $100,000 than it is to zero. Recapturing the $50,000 level is a big deal for Bitcoin and significant for the cryptoverse. Bitcoin is starting to show bullish signs despite whatever risk mode is happening on Wall Street”.
On the other hand, there’s a fair bit of optimism surrounding the approval of Bitcoin ETF by the US SEC. Bloomberg’s senior ETF strategist Mike McGlone said that there are 75% chances of a Bitcoin ETF approval ahead this month.
Also, as per the recent data from Santiment, Bitcoin whales have continued with heavy accumulation of Bitcoins. The BTC whales have accumulated a staggering 70K BTC ten days ago.
🐳 #Bitcoin's whale traders holding between 100 to 10,000 $BTC accumulated 70k $BTC 10 days ago, the largest day of accumulation for this group since July, 2019. Unsurprisingly, prices gradually returned to above $51k as whales show no sign of a dump yet. https://t.co/8mdBPIXhHQ pic.twitter.com/A5ALRxUjYd
— Santiment (@santimentfeed) October 6, 2021
The institutional interest in Bitcoin also remains at a peak. Citing high institutional demand, America’s fourth-largest retail bank US Bank has started offering Bitcoin custody services to meet client demands.