The value of bitcoin (BTC) climbed over 38% against the U.S. dollar in the past six months, registering a 125% increase year-to-date. Riding high at a peak not seen in 18 months, bitcoin’s market capitalization has ascended to become the eleventh-largest among global assets. This ranking includes an array of assets such as precious metals, exchange-traded funds (ETFs), and corporate valuations.
Bitcoin’s Market Cap Hits 11th Worldwide
Bitcoin has experienced substantial growth throughout 2023, with its price increasing by 6.5% in the past week alone. Currently, BTC boasts a market valuation of approximately $726.95 billion, with trading prices hovering just above the $37,000 mark.
As the leading cryptocurrency in market capitalization, BTC commands a 49% share of the $1.4 trillion crypto economy. As of Friday, November 10, BTC holds the eleventh position among the largest global assets by market valuation.
The digital currency is just above Tesla’s market cap which stands at $667.50 billion, however, it is also below Berkshire Hathaway’s valuation of $757.56 billion. Another $31 billion added to BTC’s market cap would push it over the valuation of Berkshire Hathaway.
BTC’s market cap is also above assets like Visa, TSMC, Walmart, and JPMorgan Chase. The other nine assets above both Berkshire and BTC include Meta, Nvidia, Silver, Amazon, Google, Saudi Aramco, Microsoft, Apple, and Gold.
Gold’s market cap of $12.876 trillion is approximately 17.72 times bigger than bitcoin’s market cap. Apple’s market cap of $2.836 trillion is approximately 3.9 times bigger than bitcoin’s valuation.
To match gold’s market cap of $12.876 trillion, a single bitcoin (BTC) would need to be priced at approximately $659,016 per coin. This would represent a percentage gain of about 1,681.13% from its current price of just above $37,000.
In order to reach Apple’s market cap of $2.836 trillion and take the second position, a single bitcoin would have to be valued at approximately $145,151. This would result in a percentage gain of about 292.30% from the current price of $37,000.
With a $250 billion market cap, the second-largest crypto asset by valuation, ethereum (ETH), is the 38th in terms of its position among global assets. Ether’s market cap is just above Costco’s and just below Toyota’s market valuation on Friday.
What do you think about bitcoin (BTC) becoming the 11th most valuable asset worldwide? Share your thoughts and opinions about this subject in the comments section below.
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