The Rise of Bitcoin
Bitcoin has seen a significant increase in value, surging over 38% against the U.S. dollar in the last six months and experiencing a 125% year-to-date increase. At present, bitcoin’s market capitalization ranks as the eleventh-largest globally, surpassing assets like precious metals, ETFs, and corporate valuations.
Bitcoin’s Market Cap Hits 11th Worldwide
The leading cryptocurrency, Bitcoin, has shown substantial growth throughout 2023, with a 6.5% price increase in the past week alone. Currently valued at around $726.95 billion and trading just above $37,000, BTC commands a 49% share of the $1.4 trillion crypto economy.
As of November 10, BTC holds the eleventh position among the largest global assets by market valuation, sitting just above Tesla but below Berkshire Hathaway.
With an additional $31 billion added to BTC’s market cap, it would exceed Berkshire Hathaway’s valuation. It also surpasses assets like Visa, TSMC, Walmart, and JPMorgan Chase but is still significantly lower than Gold and Apple’s market cap.
To match Gold’s market cap, a single BTC would need to be priced at approximately $659,016 per coin. To reach Apple’s market cap and take second place, a single bitcoin would have to be valued at about $145,151.
Ethereum’s Market Cap
With a $250 billion market cap, Ethereum is the second-largest crypto asset by valuation and ranks 38th among global assets.
Hot Take
The surge in bitcoin’s value has propelled it to become one of the top-ranked global assets. As its market capitalization continues to rise and outperform other traditional assets like gold and silver, it’s clear that bitcoin has established itself as a significant player in the financial world.
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