On Friday, Bitcoin has added over $1 bln to its market cap, repeating the pattern of recent days.
Since the month started, its market cap had risen by an average of $1 bln per day for the past five days according to CoinMarketCap moving from about $21 bln on May 1 to $26 bln on May 5.
Whether this is sustainable would be determined by the market in the coming days. Thus, it falls within the premise of the discussion that the Bitcoin market is still small, its potential is huge and it has a long a way to go in terms of reach and adoption.
Recent comments by some industry insiders support this viewpoint.
84,12 and three months
Bruce Fenton, host of the Satoshi Roundtable and a board member of the Bitcoin Foundation, recently made a tweet that puts the uptake of the entire cryptocurrency market cap into a somewhat meaningful perspective.
Bruce Fenton writes:
“It took seven years for the value of all cryptocurrency to hit $10 bln, another year to hit $20 bln and three more months to hit $40 bln.”
Can it become worthless in a day? Fenton’s point is to draw attention to the market’s trend which could establish that its growth rate is becoming exponential. This is particularly interesting considering that the entire market was able to gain about $5 bln in the past week alone.
Bitcoin Price $1,500 “isn't cool”
It leads to the view shared by the investor Trace Mayer, who, in reference to an interview he had granted in 2013, touched on the view that the Bitcoin market could grow more. In the video, Mayer laid out his case for Bitcoin to reach $2.8 mln per unit at some point tipping the price range at the time - $800 and $1,200 - as being at the initial stage of price discovery.
His latest tweet, however, coming in the wake of the recent rise of the digital currency over $1,500, was tagged to his 2013 claim. It suggests that the current price of over $1,500 “isn't cool” but a $2 mln to $5 mln price range for a Bitcoin actually is.
Hard part passed
In another twist, another Bitcoin crusader, Charlie Shrem, adds that the rise of Bitcoin price from $0 to $1,500 seems a lot harder to him than getting from $1,500 to $150,000.
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