As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and asset growth. However, the recent surge of Bitcoin to become the ninth-biggest global asset is nothing short of remarkable.
Based on the latest data, Bitcoin, the foremost cryptocurrency, now ranks as the ninth largest global asset.
Today, Bitcoin experienced a spike and climbed over the $75,000 mark for the first time, peaking at $75,358 according to CoinGecko, establishing a new record high.
Currently, the company’s market value exceeds that of tech titan Meta after a recent surge in its stock prices. Its worth stands at approximately $1.467 trillion, while Meta’s valuation is slightly lower at $1.445 trillion.
On numerous occasions, Bitcoin has outperformed Facebook’s parent company, with one instance occurring as recently as March. During that time, Bitcoin was experiencing a robust upward trend primarily because of the triumph of Bitcoin ETFs. (Source: U.Today)
Meta Corporation’s shares have risen by approximately 65% since the start of the year. Last month, they announced strong earnings for Q3 that surpassed expectations. A significant part of this impressive performance can be attributed to their advancements in artificial intelligence through the Meta AI product. Interestingly, monetization is not a primary focus for the company when it comes to this rapidly growing field.
For comparison, Bitcoin has surged by more than 75% over the same period of time.
Currently, the leading cryptocurrency has outpaced Meta in terms of value. To eclipse Saudi Arabia’s state-owned oil company, Saudi Aramco, it would require approximately a $300 billion increase in its market capitalization.
In simpler terms, the value of all silver in circulation is approximately $1.78 trillion, which is within the realm of Bitcoin’s current market cap. At present, one ounce of silver is being traded for around $30.98, representing a 5% decrease from its previous price.
Gold holds the largest market value at approximately $18.1 trillion, as per U.Today’s report. Analyst Eric Balchunas anticipates that Bitcoin ETFs could potentially surpass gold ETFs threefold because many investors find gold too uninteresting.
Nvidia and Apple are the top two companies in terms of market value, with Nvidia leading slightly at approximately $3.4 trillion, while Apple follows closely behind at around $3.38 trillion.
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2024-11-06 17:41