Bitcoin’s latest price rebound has elevated the asset’s market capitalization to surpass key players from the traditional finance sector.
With a market cap of slightly above $1 trillion, the asset is now valued higher than social media giant Facebook (NASDAQ: FB) whose capitalisation stands at $928 billion. Moreover, Bitcoin’s market cap is also above electric vehicle manufacturer Tesla (NASDAQ: TSLA) which is valued at $795 billion, as of the time of writing.
Elsewhere, Bitcoin significantly trails gold which has a market cap of $11 trillion. Notably, if Bitcoin continues to surge in value, it stands a better chance to surpass silver which has a market cap of $1.27 trillion. The asset and precious metals have long been pitted together on which asset is the ideal store of value.
Although Bitcoin belongs to a different asset class, the cryptocurrency has grown in popularity to attract players from the traditional sector. After plunging early this month following an increased regulatory crackdown in China, the asset value surged past $50,000, regaining the $1 trillion market cap.
What will happen in Q4 of 2021 is anyone’s guess at this moment, and just about anything is on the table.
Ranking BTC against the top stocks, it’s clear that Bitcoin is slowly climbing its way to the top of the list. With Bitcoin leapfrogging Facebook, that now puts it in 6th place, right behind Amazon. The next obstacles after that will be in order: Google, Saudi Aramco, Microsoft, then Apple.