Although the cryptocurrency sector is now experiencing difficulties, some investors believe that its most valuable asset, Bitcoin (BTC), will have a bright future, and many are eager to accumulate as much as possible before it is too late.
According to data gathered on September 14 from the analytics platform PricedInBitcoin21, which denominates and records various assets in Bitcoin, circumstances appear to be working in their favor. Bitcoin’s market value now equals barely 0.1% of total world wealth.
At press time, total worldwide wealth was estimated to be $418.3 trillion, while the market cap of Bitcoin was close to $390 billion, according to PricedInBitcoin21 and CoinMarketCap data.
Bitcoin vs. global wealth and assets held by US banks
The percentage is slightly greater when compared to the assets of commercial banks located in the United States, as Bitcoin’s market value amounts to 1.7% of the holdings of US commercial banks stated in USD.
According to the ROI tool, Bitcoin has astronomical five-year return rates, dwarfing all asset classes, including the equities of five big banks, despite its pronounced volatility and substantial sell-offs.
Price and investor interest analysis
Furthermore, according to the expert crypto trader and analyst Josh Rager, Bitcoin is likely to have a large surge in 2024, shortly after its next halving event, which occurs typically every four years.
Meanwhile, investor interest in purchasing Bitcoin has remained modest in comparison to when the asset’s value was climbing, as investors await a potential bottom - a scenario that may drive more individuals to purchase the plunge.