Bitcoin Enters Top 10 Assets by Market Cap

In recent weeks, Bitcoin has made headlines for hitting a new all-time high of $73,750 and surpassing the $1 trillion mark in market capitalization. Now, it stands proudly among the top 10 assets worldwide by market cap, surpassing giants like Tesla and Meta that boast market caps of $586 billion and $574 billion, respectively. This marks a historical milestone for Bitcoin and shows how important It has become as an asset in the financial world.

Bitcoin Joins Big Names

In the world of assets, Bitcoin has secured its spot in the top ten, with a market capitalization surpassing $1 trillion. This achievement places it in the company of renowned entities such as Gold, Microsoft, and Apple; each boasting market caps in the trillions. Beyond these giants, other notable companies on the list include Meta Platform, Saudi Aramco, and Alphabet (Google).

However, while Bitcoin stands proudly among these leaders, it’s important to note that its journey to the top is not without its challenges. Despite its remarkable growth, it still faces competition from traditional heavyweights and will have to rise further to maintain this position.

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Bitcoin in 2024

Bitcoin has faced major challenges over the past few years, enduring industry-wide crashes, bankruptcies, and macroeconomic turmoil, such as wars and inflation. However, a turning point emerged in mid-2023 when BlackRock initiated plans to launch a spot Bitcoin ETF, followed by other financial giants. This was a big deal for Bitcoin and the entire crypto market. It was sending the industry in the right direction by making Bitcoin accessible to more people. By early 2024, these ETFs became a reality and ended up pushing Bitcoin’s value above $50,000 amid heightened anticipation.

Although Bitcoin experienced a sharp correction afterwards, it swiftly regained momentum, particularly in late January and February. The momentum continued, culminating in a historic milestone in the past month, with Bitcoin reaching an all-time high of $73,750. This surge also shot Bitcoin’s market capitalization to $1.2 trillion, solidifying its position as the largest cryptocurrency by market cap and placing it among the top assets globally.

According to data from CompaniesMarketCap, Bitcoin now ranks as the 10th largest asset by market cap, surpassing heavyweights like Berkshire Hathaway and JPMorgan Chase, the largest banking organization globally. Overtaking JPMorgan Chase is a testament to the fact that Bitcoin is a major part of the world’s financial puzzle and has now become even more accessible.

Can Bitcoin Break Into The Top 5?

While Bitcoin has made a major stride by reaching the top 10 assets by market cap, breaking into the top 5 poses a massive challenge. Currently trailing behind Meta (Facebook) and silver, Bitcoin faces stiff competition from giants like Alphabet, Amazon, NVIDIA, and Saudi Aramco, each with market caps exceeding $1 trillion. The gap widens further with Microsoft and Apple, boasting market caps of $3 trillion and $2.7 trillion, respectively.

For Bitcoin to surpass these giants, its market cap would need to nearly triple from its current position. To claim the top spot currently held by gold, Bitcoin’s market capitalization would need to surge by over 1,000%, reaching approximately $700,000 per BTC. While some early indicators suggest Bitcoin may take a part of gold’s market share, particularly in ETFs, achieving such monumental growth remains a distant possibility. Despite optimistic predictions from industry experts, such a price tag seems beyond reach for now.

Nevertheless, Bitcoin’s resurgence to the top 10 assets by market cap signifies a major moment for crypto enthusiasts and signals progress in the right direction. Though the road to the top 5 may be challenging, Bitcoin’s resilience and potential for innovation continue to fuel hope within the crypto community.

Check out: How to buy bitcoin?

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