Bitcoin Price Skyrockets to $85K. Could It Hit $850K?

Bitcoin, the flagship cryptocurrency, hit a new record high of $85,000 on the Bitstamp exchange at 16:24 UTC. 

The leading cryptocurrency is already up by more than 100% in 2024 after adding 155% during the previous year. 

The crypto king has so far surged by as much as 20% during this November.

Polymarket bettors now see a 53% chance of Bitcoin hitting the $100,000 mark during this year. 

How high can Bitcoin go? 

According to Blockstream CEO Adam Back, the flagship cryptocurrency could end up skyrocketing to as high as $850,000 during this bull market cycle. 

Back, who was famously cited in the Bitcoin white paper, predicts that Bitcoin's market cap will flip that of gold. 

"My call is bitcoin flips gold market cap this cycle, which if gold stayed flat is around $850K. In practice, bitcoin buying may take money from gold ETFs, pulling gold down to meet it," he said.  

Meanwhile, commodity trader Peter Brandt believes that the bulls could push Bitcoin to $150,000 in 2025. 

The market cap of gold currently stands at $17.6 trillion. Bitcoin would need to surge to $102,000 for its market cap to cross $2 trillion. In order to surpass the market cap of Apple, the flagship cryptocurrency would need to hit $179,000.  

Crypto stocks on a roll 

Major cryptocurrency stocks are also on a roll because of Bitcoin. In fact, Coinbase (COIN) and MicroStrategy (MSTR) are among the most traded stocks of the current session. They are up 18% and 19.01%, respectively. Only Tesla (TSLA) and Nvidia (NVDA) have managed to attract more trading volume.