Bitcoin Returns to 1 Trillion Market Cap This Week

A timeline of Bitcoin's path back to this milestone after first hitting it in February.

StockMKTNewz Evan
October 08, 2021

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Hey Rippers fam 👋

If you care about stocks, just opened a Robinhood account, or are new to the world of investing — the Bullish Rippers Newsletter is for you! Every week, we're covering the biggest stocks dominating the conversation from Wall Street to FinTwit. Think of us as your go-to-guide to the stocks and crypto that are ripping.... and dipping. Ultimately, our goal is to help you try and identify opportunities and actions in the marketplace. 

Bitcoin crossed the $1 trillion market cap on Wednesday. So how did we get here? We're taking a look the times Bitcoin made headlines in 2021 — as told through Twitter.

And keep scrolling to the end for our Rippers take 🔥

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an overview

Price $53.7K

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via @visualcap on Twitter

Price $59K

Price: $64.5K

Price: $56K

Price: $45K

Price: $40K

Price: $40K

Price: $37.5K

Price: $38K

Price: $37K

Mid June: China kicks Bitcoin miners out 

Price: $32K

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Price: $34K

Price: $30K

Price: $33K

Price: $46K

August 23: Visa buys NFT

Price: $49.5K

We also covered this story in a past newsletter. Peep it here

September 7: Bitcoin officially becomes legal tender in El Salvador 

Price at Open: $52.6K

Price at Close: $46.9K

Price: $44K

October 4: Bitcoin Flips Facebook 

Price: $49.4K

October 6: Bitcoin back over $1 trillion

Price: $54.5K

🔥 The Rippers Take

Although hitting milestones such as a $1 trillion market cap shouldn’t mean anything, the reality is that it does! The human brain loves passing these nice round numbers even if it has absolutely zero effect on anything.

I hope it’s not the type of milestone we look back on as a top signal. If I put my speculation tinfoil hat on, I do believe we will see all time highs again. But that’s not what’s important… it’s what happens after!

Bitcoin has done the same thing multiple times now. It cycles between the bull and bear market, each one with higher highs and lower lows than the previous cycle. The past doesn’t repeat itself, but it does tend to rhyme. I think it’s only fair that what has happened 100% of the time before is the base case for what we can expect going forward.

Applying that logic, I think we will see another prolonged bear market at some point. Who knows when it will happen or what number Bitcoin will hit first, but I still think it will happen. We will eventually see Bitcoin well below its current $1 trillion market cap, and it could stay there for a little. The best time to buy things is when they’re going down and weak hands stop believing.

Crypto is still a significant portion of my portfolio, and I have no plans to sell any of my Ethereum or Bitcoin. I am a long term investor with a 10+ year time horizon that believes time in the market beats timing the market. The cycle will continue, and I see another bull market that makes new all time highs coming out of that bear market. It could take a while, but I’m willing to wait. And I will be watching to accumulate more in the next bear market.

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Bitcoin was the best performing asset class of the last decade. Can it happen again this decade? Who knows. But what do you think? Send me a DM on twitter and let me know your thoughts!

That's all for Bullish Rippers this week! Make sure to stay up-to-date on all the stocks ripping and dipping over on our Twitter. Stay bullish and we'll see you all in the next one 🔥

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