As a researcher who has spent years delving into the complexities of global finance and technology, I must admit that witnessing Bitcoin’s rapid ascent to the financial stratosphere is nothing short of breathtaking. It’s like watching a rocket launch, only this time, it’s not NASA but the world of cryptocurrency.
As a financial analyst, I find it fascinating to observe that the market value of Bitcoin has surpassed that of Saudi Aramco, the world’s largest oil producer, when its price hovers around $90,000. This digital currency is closing in on the valuations of tech giants as well.
Back on November 14th, I witnessed a significant milestone as Bitcoin (BTC) reached a market capitalization of $1.805 trillion for the first time ever. This monumental achievement placed it among the top seven most valuable assets globally, based on data from both CoinMarketCap and CompaniesMarketCap.
On November 12th, Bitcoin overtook Silver in value and ranked among the top eight assets with a trading price of approximately $89,500. Maintaining its bullish trend, the value of Bitcoin climbed above $91,000, effectively overshadowing Saudi Aramco’s market capitalization two days later.
Crypto market comparable to leading global economies
At present, the total value of all cryptocurrencies combined is approximately $3.02 trillion. This places it as the eighth largest economic entity when compared to the Gross Domestic Products (GDP) of countries such as the United States, China, Germany, Japan, India, the United Kingdom, and France, based on data from the International Monetary Fund.
Bitcoin trails Alphabet Inc., Google’s parent company, with a market cap of approximately $2.2 trillion, holding the sixth largest market value position.
The five largest assets by market capitalization are gold and four tech companies – Nvidia, Apple, Microsoft, and Amazon. Their total market caps are approximately $17.1 trillion for gold, $3.5 trillion for Nvidia, $3.4 trillion for Apple, $3.1 trillion for Microsoft, and $2.25 trillion for Amazon.
Ethereum follows Bitcoin’s footsteps
In today’s market conditions, for Bitcoin to surpass the valuation of all listed tech giants, it needs to almost double its total value. However, even if it does so, the market capitalization of gold would still be approximately five times larger than that of Bitcoin.
The value of Bitcoin isn’t the only one climbing; the market cap of Ether (ETH) is also increasing. Just a few days ago, on November 10th, Ethereum surpassed the market price of Bank of America when it reached $3,200.
Currently, on November 14, Ethereum ranks as the 29th most valuable asset globally when considering market capitalization. In just the past four days, it has exceeded the market value of both Netflix and Johnson & Johnson.
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2024-11-14 13:03