Bitcoin, the largest cryptocurrency, has been and continues to climb like crazy since late December last year up to now. In fact, it has increased by almost +327% in one year, according to Messari.
At the time of writing this, BTC’s price is sitting at $35,073. The increasing price, as well as the newly-minted Bitcoins, are both responsible for the record-breaking market capitalization of $656 billion, which catapulted Bitcoin as the top 8 most valuable global asset.
The Market Cap of Bitcoin is $673 Billion
According to Asset Dash, Bitcoin is among the top 10 valuable assets in the world. Asset Dash keeps records of stocks, exchange-traded funds(ETFs), and cryptocurrencies. At the time of writing, BTC has a market cap of almost $673.336 billion, trailing Elon Musk‘s car company, Tesla.
(Source: Asset Dash)
The asset tracker further reveals that some of the most prominent winners during the current Covid pandemic have been on a price boost for the past few months. Companies such as Amazon, Netflix, and PayPal all display solid profits in brand power.
Apple is at the top with a market cap of $2.23 trillion, succeeded by some big guns like Microsoft ($1.65 trillion), American multinational company Amazon ($1.62 trillion), Search engine giant Google’s company, Alphabet ($1.18 trillion), and social networking website Facebook ($773 billion).
Bitcoin is a Global Asset, Not Just a Currency
Over the past 500 days, Bitcoin has been on a magnificent price boost, increasing in value by almost +109% in the year 2016, and now, an extra 218% in the past 90 days. This rise in price has stimulated Bitcoin supporters to demonstrate that this hike in value makes Bitcoin a more reliable coin, as well as a symbol of the cryptocurrency’s power.
In the past, and even up to this day, the wild fluctuations, whether up or down, do not help in convincing the masses of Bitcoin being a more credible alternate currency. Rather, it had been perceived as a speculative asset or a get-rich-quick vehicle.
But with this price surge, Bitcoin has caught the attention of several politicians, celebrities, internet personalities, and institutions. Even beyond the community, it is now perceived as a global asset and not just a speculative currency.