Leading cryptocurrency by market capitalization Bitcoin has demonstrated its position in the financial market by moving up the ladder to become one of the top assets in the world.

Bitcoin Market Cap Inks Close to $1T

According to a long list for the ranking of all assets including public companies, precious metals, cryptocurrencies, and ETFs, Bitcoin emerged as the 10th largest asset. It was preceded only by gold, silver, and some top tech companies like Microsoft, Apple, and Amazon among others. 

By this ranking, Bitcoin surpassed Elon Musk-owned Tesla, payments giant Visa, and even banking behemoth JPMorgan. Bitcoin hit this milestone with a market capitalization of almost $1 trillion with the price of the coin currently at $48,179. Precisely Bitcoin, Tesla, Visa, and JPMorgan have a market cap of $947.07 billion, $616.47 billion, $567.80 billion, and $503.45 billion respectively. 

The next cryptocurrency is Ethereum which is way down the list at 36th position out of 100.

Gold sits at the top of the list with a market capitalization of $13.6 trillion. Notably, the market value of gold is now around $2,039 with a 0.45% decrease overnight.

In the last few days, Bitcoin has been exhibiting some positive sentiment suggestive of a bull run. Also, market observers and analysts are optimistic about the possibility of the coin hitting a new high in this ongoing rally. 

Lofty Predictions BTC Price Predictions

As reported by Coingape, CryptoQuant CEO Ki Young Ju recently expressed his bullish stance regarding Bitcoin price on X.

He went as far as predicting a 160% increase for the coin, stating that Bitcoin would reach $112,000 or a low of at least $55,000 this year. Young Ju’s sentiment is driven by the huge inflows that the spot Bitcoin ETF market has seen in the last one month. So far, the ecosystem has registered up to $9.5 billion in inflows, even amidst massive Grayscale outflows.

Similarly, renowned crypto analyst Stockmoney Lizards mentioned that Bitcoin may have found its new floor price at $40,000. He drew his declaration from certain patterns that he studied including the popular Bitcoin halving event. Lizards acknowledged that Bitcoin halving always preceded a bull run. 

Based on historical trends, the next halving event is scheduled to happen in April, therefore, investors may want to look forward to the future outlook of Bitcoin after the halving event. The previous price fluctuation was said to be a pre-halving downside, which may now be over seeing that the coin is performing better than before.

The post Bitcoin is Now World’s 10th Largest Asset, Surpassing Tesla, and Visa appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am