Bitcoin has become one of the top 10 assets in the world by market cap. This places it higher than Tesla, Visa, and Berkshire Hathaway stock.
Crypto watchers might remember that a few years ago, Bitcoin was declared the top-performing asset of the 2010s, even beating out competitors like gold and stocks like Apple Inc (NASDAQ: AAPL). Now, it seems history is repeating itself, according to Infinite Market Cap, a platform that tracks the market capitalization of thousands of assets.
As per Infinite Market Cap, Bitcoin has overtaken the likes of Tesla Inc (NASDAQ: TSLA) and Berkshire Hathaway Inc (NYSE: BRK.B) to enter the top 10 assets in the world by market cap. This puts it in the same league as Amazon.com Inc (NASDAQ: AMZN) stock and even gold.
Bitcoin on the Rise
Bitcoin, like most of the crypto industry, is currently recovering from a harsh crypto winter. In April of last year, the price of Bitcoin dipped below $40,000 per token and even below $20,000 at several points. This could be put down to general market swings, as well as several high-profile industry collapses of last year, including Terra and FTX. These created an air of tension in the industry and as the prices of cryptos fell across the board, many companies were forced to lay off staff and scrap upcoming projects.
Now, Bitcoin has risen above the $41,000 mark and some experts are eyeing the $100,000 point by sometime next year. This optimism has been triggered by the incoming Bitcoin halving, which historically signals a spike in the token price. There is also the Bitcoin ETF application that has been pursued by the industry for years but seems to be on the brink of approval.
As of this article, Bitcoin has a market cap of $818.3 billion, which is just under Meta’s market cap of $834.76 billion. Its closest competitor is Berkshire Hathaway stock, which has a market cap of $777.3 billion.
The Resilience of Bitcoin
It is quite telling that Bitcoin has been able to recover from a winter that lasted for several months. Every time that the price of Bitcoin has dipped, critics rush to declare cryptocurrency dead as a whole. But once again, Bitcoin has come out of its winter and seems to be on a path to even surpassing its previous all-time high. This shows the resilience of the token and should boost investor confidence.
It is also very telling that Bitcoin’s market capitalization has risen so high that is in the same category as gold, silver, and Amazon stock only a decade into its existence.
If this current trajectory continues, we can expect that not only will Bitcoin end this decade as one of the highest-performing assets as it did last time but this success should also trickle down to other tokens in the industry.