The Bitcoin price has risen by over 75% in the last month and almost 25% in the last week to reach the USD 34,000 mark. The rising price combined with newly created Bitcoin has resulted in a market capitalization of USD 638 billion.
That’s good enough to make BTC the ninth most valuable asset in the world, according to Asset Dash, which tracks stocks, exchange-traded funds, and cryptocurrencies.
Less than a fortnight ago, Bitcoin displaced Visa on that list. Then, just five days later, it overcame a $70 billion deficit to overtake Berkshire Hathaway, the company run by Bitcoin despiser Warren Buffett. Since then, BTC has also passed the share value of Taiwan Semiconductor Manufacturing.
Bitcoin is overtaking one blue-chip company after another. Apple tops the list with a market cap of $2.23 trillion, followed by Microsoft ($1.65 trillion), Amazon ($1.62 trillion), Google parent Alphabet ($1.18 trillion), and Facebook ($773 billion).
But places 6 to 8 look achievable if Bitcoin can continue its upward momentum. Shares in China’s Tencent are worth $698 billion Us, Elon Musk’s Tesla has a market cap of $697 billion, and Chinese tech company Alibaba is worth $650 billion — just $12 billion more than BTC’s constantly adjusted market cap.
Bitcoin is not the only cryptocurrency on the move. Ethereum is now the 82nd most valuable asset, with a market cap of over $125 billion. This asset has risen 50% in the last week, recently overtaking Morgan Stanley and Starbucks’ financial services firm.
The last few months have seen the extreme change. Bitcoin and other cryptocurrencies are no longer “Magic Internet Money” or a short-term phenomenon for speculation. They are increasingly becoming recognized financial products to protect against the approaching inflation of fiat currencies.
Therefore, Bitcoin and Co. should continue to perform well because our existing monetary system is becoming shakier due to constant financial injections. We are curious to see how the BTC price will react to this in the coming months.
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