- Bitcoin now ranks as the 8th largest asset by market cap, surpassing silver with a market cap of over $1.4 trillion.
- This milestone underscores Bitcoin’s growing influence and mainstream acceptance as a valuable asset.
- Bitcoin’s continued rise has seen it overtake major corporations like Berkshire Hathaway, Meta, and nearing Alphabet.
In a monumental development, Bitcoin (BTC) has further solidified its position as a global force by unofficially overtaking silver to become the 8th largest asset by market capitalization. Often shortened as market cap, this refers to either a company or an asset’s so-called total dollar value relative to the rest of the players in its category. This achievement highlights Bitcoin’s truly meteoric rise and increasing recognition as a legitimate investment asset.
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Indeed, Bitcoin’s current market cap of over $1.4 trillion has propelled it past silver, which currently stands at approximately $1.39 trillion, according to data from www.companiesmarketcap.com. Some experts hold the view that this marks a significant turning point in Bitcoin’s journey, demonstrating its growing appeal to investors across the globe.
The Bitcoin Landscape
This also explains why Bitcoin recently went ballistic and not only broke through its previous all-time high (ATH) price, but set a completely new one at that. Bitcoin is currently trading around $72,000, having recently set that same new ATH. In contrast, silver is priced at approximately $24.66. While Bitcoin saw gains of around 1% today, its recent price surge is a testament to the ongoing bullish sentiment surrounding the leading cryptocurrency.
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The relentless ascent of Bitcoin has not only put it ahead of silver but also enabled it to overtake major corporations. Berkshire Hathaway and Meta (formerly Facebook) now trail Bitcoin in market cap. In addition, Bitcoin is closing in on Silicon Valley giant Alphabet (Google’s parent company), signaling its potential to challenge established market leaders.
No matter what your view of Bitcoin itself or the crypto market as a whole, Bitcoin’s rise to become the world’s 8th largest asset is a remarkable feat that reflects the growing acceptance of cryptocurrencies within the financial mainstream. As its upward trajectory continues, investors and analysts alike will be watching closely to see which milestones it reaches next.
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