The crypto market is in currently in recovery mode, although price volatility is still in play at times. For some time now, a sizable section of the collective crypto community has awaited a massive crypto bull run, with Bitcoin expected to break records.
Some have even predicted a mega Bitcoin bull run that will see the top coin’s total market cap shoot up to over $1 trillion.
Chris Burniske is one of these optimistic people. Chris analyzed the market trends for the top 10 cryptocurrencies and arrived at the prediction that, indeed, Bitcoin could reach $1 trillion in market cap. Chris Burniske is a venture capitalist and partner at Placeholder VC.
In the analysis, the market trends of the top 10 cryptos were studied, covering a period starting from 2013. Of the 6 recorded periods, 2 stand out very prominently.
One is the crypto peak of December 2017, and the other is the crypto winter of 2018. In December 2017, Bitcoin held about 55% of the total crypto market share and traded at $20,000.
During the crypto winter of 2018, the crypto market cap fell from $700 billion down to $100 billion. Chris tweeted a demonstrative chart of Bitcoin relative to the rest of the market over the 6 periods.
Bitcoin At $50,000?
According to Chris, for Bitcoin to hit $1 trillion in total market cap, it would need to rise up to around $50,000 in price per coin, a figure that’s almost thrice the previous all time high of $20,000 achieved in December 2017.
In that sense, Bitcoin’s current market price would need to increase nine-fold to reach $50,000. Also, Chris projects that since Bitcoin’s market share is currently at 52.4%, altcoins would have a cumulative market cap totaling about $910 billion.