Bitcoin, the most popular cryptocurrency in the world, has been experiencing a meteoric rise in value, sending its market capitalization into the stratosphere of all time. It has recently surpassed $1.8 trillion, putting it in second place, behind only Saudi Aramco and ahead of Amazon and Alphabet (Google).
This development further demonstrates that Bitcoin is gaining traction as a widely utilized financial asset, making its potential to surpass conventional corporate empires more apparent. Many things have contributed to Bitcoin’s meteoric rise in popularity, including its practicality as a hedge against inflation, its halving, and the widespread adoption of cryptocurrency by institutions.
In less than a week, the price of Bitcoin’s Market Value soared beyond $91,000, shattering all previous records many times. We can discuss whether it can topple Alphabet ($2.1 trillion) and Amazon ($2.2 trillion) because of its market cap, which puts it among the best global corporations.
Market Cap Madness
According to Companieswarehouse statistics, Bitcoin’s Market Value accounts for 11% of the gold market, with a valuation of $17.68 trillion. At $3.6 trillion, Bitcoin’s market valuation is greater than half of the world’s largest corporation, Nvidia, and it’s even higher than the total capitalization of silver, which is 10% higher than gold.
Bloomberg reports that this proposal and the subsequent debate over whether the government should designate a member to the White House for cryptocurrency policy led to a staggering 6% surge in prices.
The coin might surge beyond $100,000 during the rise, even though there might be some rough patches soon. “They are constraining sellers, so to speak,” says market expert Tony Sycamore, whose statement is cited in the journal, emphasizing the fact that the demand for it is uncontrollable.
As the price approaches $100,000, the demand seems unstoppable, and according to Sycamore, I’m not convinced everything will be smooth sailing. Bitwise CEO Hunter Horsley made it clear in a speech on November 21st that the most beneficial global movement is not welfare or taxation but rather “the most wealthy global program you can get right now is in Bitcoin.”
BTC Dominance Surges
BTC’s market share now represents 61.8% of the total due to today’s price pump; thus, this specification suggests that ‘altcoins’ are weakening. With a market capitalization of 377 billion US dollars, Ethereum, often called the Netflix of Crypto, has suffered the most from this crisis, failing to breach the 3,100 US dollar threshold and succumbing to FOMO throughout the week. ETH has only 11% of the crypto market share, stablecoins have 5.7%, and most of the remaining altcoins are still minnows in market caps.
In summary
Due to its meteoric rise in price, Bitcoin’s market value is approaching $2 trillion. Back in the day, one Bitcoin might fetch almost $91,000. Thanks to a surge in value, Bitcoin, the world’s most valuable financial asset, has surpassed the market capitalization of Saudi Aramco and other megacorporations, including tech giants Alphabet and Amazon, valued at $2.1 and $2.2 trillion, respectively.
Institutional acceptance, more transparent regulations, and Bitcoin’s allure as a hedge against inflation drive its expansion. But there are still downsides, like price volatility, rising rivalry from other cryptocurrencies, and environmental worries.
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