Bitcoin closes year with 26th largest market cap globally
Ethereum ranked 77th, while Tesla loses its place in the top-10.
Bitcoin (BTC) heads into the Christmas period with the 26th largest market cap at $324.68 billion, just below Mastercard with $328.35 billion.
Ethereum (ETH), on the other hand, ranks 77th on the list with a $147.60 billion market cap, while Tesla loses its place among the top 10 and places 13th with $395.82 billion.
Ranking by market cap
Gold, Apple, and Saudi Aramco are the top three assets, with the largest market cap of $11.939 trillion, $2.103 trillion, and $1.819 trillion, respectively.
Microsoft, Silver, Google, and Amazon follow as the fourth, fifth, sixth, and seventh with $1.775 trillion, $1.333 trillion, $1.137 trillion, and $854.80 billion market caps, respectively.
Meta Platforms and Samsung, on the other hand, are ranked after BTC as 30th and 31st with $311.31 billion and a $304.89 billion market cap, accordingly.
Gold and BTC
On Oct. 24, Cryptooshala analysts revealed that BTC and Gold had achieved an 85% correlation since over the past year. This finding indicated that these two assets increased and decreased at the same times and the same rates with 85% accuracy.
On Nov. 4, the market data also showed that BTC responded to the Fed’s 0.75% interest rate hike even better than Gold or NASDAQ. Reacting to the increase, Gold fell by 0.68%, while NASDAQ sunk by 4.97%. BTC, on the other hand, increased by 0.55% during the same period, which suggests that BTC is a lot “safer as an asset than NASDAQ or Gold.
The correlation between BTC and Gold was also noticed by the prominent names of crypto as well. Author of Bitcoin: The Future of Money? Dominic Frisby suggested purchasing BTC and Gold together to combat inflation, while ETH founder Buterin relies only on BTC.
Credit : cryptoslate.com