When crypto takes off, bitcoin seems to surpass meta in total value
Bitcoin (BTC) reached $50K again on February 12, hitting a market value of $981.86 billion. Compared to the world's most valuable company stocks and precious metals, Bitcoin has once again entered the top 10 most valuable assets by market capitalization.
As Cointelegraph recently reported, Bitcoin has reached $50K again for the first time since December 2021. Between Bitcoin exchange-traded funds and investors, the upcoming ‘halving' is playing a significant role.
If the momentum continues, Bitcoin could find itself climbing the market capitalization charts. The previous all-time high market cap was $1.28 trillion at $67,617.02 per bitcoin.
As of the publication of this article, BTC sits comfortably in the 10th spot on Meta (previously listed by Facebook), with a value of $1.214 trillion to $235 billion. While BTC is unlikely to make the difference in a single gulp, it is up 3.22% while the current 24-hour trend meta shows 1.73%.
Related: The Best Weekly Closes Since 2021 — 5 Things to Know in Bitcoin This Week
If Bitcoin can surpass META, it will be followed by Silver ($1.28T) and Amazon, Nvidia and Alphabet (all around $1.8T). After that, it's an easy journey up to the $2-trillion-dollar club, where Bitcoin needs to reach around $100,000 per coin to start competing with Saudi Aramco, Microsoft and Apple.
Once those mountains are climbed, the only thing standing between BTC and the top is gold. But, to stretch the metaphor, with a total market capitalization of $13.65 trillion, gold represents an asset barrier that can overcome Mount Everest.
Meanwhile, Ethereum (ETH) is up 3.45% since this article was published. Its current market cap of $313.54 billion is good for 34th place, beating Nestle's ($294.8B) and Toyota's ($307.81B). Only 100 cryptocurrencies are represented.
After successfully testing the low as support, $ETH is already up +15%.
Green road #ETH #Crypto #Ethereum on the way to revisit the high resistance area of the region pic.twitter.com/O7HOz2U2q5
— Rekt Capital (@rektcapital) February 12, 2024
Some analysts are envisioning a rising tide scenario where Ethereum will continue its upward momentum alongside Bitcoin's trending gains. That puts the world's second most valuable cryptocurrency to take on big tech companies like Tencent and Samsung — both of which are worth less than $400 billion.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
