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Bitcoin

Bitcoin Soars To 10th Largest Asset Globally, Leaving Berkshire Hathaway And JPMorgan Behind

Christian Encila
by Christian Encila
1 year ago
·
Posted in Bitcoin, Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin’s recent accomplishments and ongoing rally have stirred palpable excitement among cryptocurrency enthusiasts and investors alike. In a groundbreaking move, Bitcoin has secured its position as the 10th largest asset in the world, surpassing stalwarts such as Berkshire Hathaway, Tesla, and JPMorgan. The cryptocurrency’s market capitalization, nearing the $1 trillion mark, reflects an extraordinary ascent, highlighting the leading crypto’s growing prominence and solidifying its status in the financial market.

Related Reading: Can Blockchain Solve Healthcare? Nigeria Bets On The Technology To Curb Fake Drugs

As Bitcoin continues its meteoric rise, its current price of $48,200 reflects the surge in value that has captivated the attention of both seasoned and novice investors. This ascent is particularly noteworthy in comparison to Ethereum, the second-largest cryptocurrency, which occupies a modest 36th place out of 100 assets. Bitcoin’s dominance within the cryptocurrency market becomes even more apparent against this backdrop.

Bitcoin Secures 10th Spot In Global Assets Ranking

A comprehensive ranking of assets places Bitcoin shoulder to shoulder with traditional heavyweights like gold and silver, as well as tech giants Microsoft, Apple, and Amazon. This achievement underscores the crypto asset’s undeniable influence, positioning it as a force to be reckoned with in the broader economic landscape.

Notably, BTC’s market cap exceeds that of industry titans such as Berkshire Hathaway ($861.40 billion), Tesla ($616.47 billion), Visa ($567.80 billion), and JPMorgan ($503.45 billion), marking a significant milestone for the cryptocurrency.

Source: CompaniesMarketCap

At the zenith of the asset hierarchy, gold reigns supreme with a staggering market capitalization of $13.6 trillion. However, even gold experienced a slight overnight decrease, bringing its value to around $2,039. This nuanced shift in the traditional asset landscape further underscores the dynamic nature of financial markets and the evolving role of digital currencies.

The latest surge in the alpha coin coincides with record highs for stocks as investors reduce their increasing appetite for risk, and more specifically, demand for the spot BTC exchange-traded funds (ETFs) that were launched on January 11 is strong.

#Bitcoin could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b

— Ki Young Ju (@ki_young_ju) February 11, 2024

BTC Optimism Sparks Ambitious Price Projections

The positive sentiment surrounding Bitcoin has not only marked a triumph for the cryptocurrency but has also sparked optimism among market observers and analysts. Projections for a new price surge in the ongoing rally are gaining traction, with influential figures in the crypto space offering ambitious predictions.

CryptoQuant CEO Ki Young Ju, for instance, suggests a remarkable 160% increase for Bitcoin, envisioning a price of $112,000 or a low of at least $55,000 this year.

BTCUSD currently trading at $48,290 on the daily chart: TradingView.com

Similarly, renowned crypto analyst Stockmoney Lizards has identified a possible new floor price for Bitcoin at $40,000. Drawing on historical patterns, especially the impact of halving events, Lizards provides evidence of potential future bull runs. As investors eagerly anticipate the outcome and potential impact on Bitcoin’s price, the scheduled halving event in April looms large on the horizon.

Related Reading: Ethereum Co-Founder Cracks Deepfake Code, Unveils ‘Secret Question’ Shield

According to CoinGecko, Bitcoin’s market value has not surpassed $1 trillion since late 2021, when it reached a peak of almost $1.3 trillion, so the cryptocurrency would need a 10% gain to get through. While it’s true that holding bitcoin does not necessarily mean owning shares in a firm, it is worth noting that just seven corporations globally have market capitalizations over $1 trillion.

Featured image from Adobe Stock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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