After falling below $26,000 per unit, the price of bitcoin, the leading digital asset by market cap, is still up 9.6% from last week. However, over the past 24 hours, its price has decreased by 6.5%. Out of 7,316 companies, crypto assets, precious metals and exchange-traded funds worth over $82 trillion, bitcoin is the 12th largest asset in the world by valuation.
Bitcoin market capitalization compared to other leading assets: Leading cryptocurrency rises above Visa but lags meta
Cryptocurrencies in particular bitcoin (BTC), rose in price this week after the collapse of three major US banks. In the last 24 hours, bitcoin (BTC) fell 6.5% against the US dollar. However, weekly figures show that BTC up 9.6% for the week. Majority BTCThe rally came on March 14 when it jumped above the $26k zone to $26,533 at around 9am ET Tuesday. As of 2:35 p.m. on March 15, Bitcoin is trading at $24,357 per unit.
Despite depreciation against the US dollar, bitcoin became the 12th-largest valuation in the world, surpassing the market capitalization of payments giant Visa. Wednesday afternoon BTC had a market valuation of $469.60 billion, $18.31 billion more than Visa. However, the crypto asset’s market valuation is still lower than that of Meta (formerly Facebook), which currently stands at $499.66 billion. For Bitcoin to become the 11th largest asset in the world by valuation, its market cap would need to increase by $30.06 billion, surpassing Meta’s market cap.
Currently, the top ten assets by market valuation include gold, Apple, Microsoft, Saudi Aramco, silver, Alphabet (Google), Amazon, Berkshire Hathaway, Nvidia, and Tesla. Gold, the leader of the group, has a market capitalization of approximately $12.81 trillion. Bye BTC accounts for 42.7% of the $1.1 trillion value of the crypto economy, which is only 3.67% of the total market value of gold. The market value of Bitcoin needs to increase by about $12.34 trillion to surpass the market cap of gold. However, the market valuation of bitcoin is currently closer to silver, which is valued at $1.245 trillion as of Wednesday afternoon.
Thus, the market capitalization of bitcoin is approximately 37.7% of the market value of silver as of today. To surpass the market cap of silver, the market value of bitcoin would need to increase by approximately $775.4 billion. October 2021 BTCThe market capitalization of the UK reached the overall valuation of silver, but at the time, the capitalization of silver was $1.31 trillion. As for the fight against tech giant Apple’s net worth, BTCthe market valuation is 19.69% of Apple’s value. For Bitcoin to outperform the California tech giant’s net worth, it needs to increase its market value by another $1.917 trillion.
What do you think about the dynamics of the Bitcoin market over the seven days and the fact that the crypto asset became the 12th largest asset by market capitalization in the world? Share your thoughts on this in the comments section below.
Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.
Credit : news.bitcoin.com
