After falling below $26,000 per unit, the price of bitcoin, the leading digital asset by market capitalization, is still up 9.6% since last week. However, the price has fallen by 6.5% in the last 24 hours. Of the 7,316 companies, cryptoassets, precious metals and exchange-traded funds worth more than $82 trillion in value, bitcoin is the 12th largest asset globally by valuation.
Bitcoin’s market cap compared to other top assets: Leading crypto climbs above Visa, but lags behind Meta
Crypto assets, specifically bitcoin (BTC), have surged in value this week following the collapse of three major US banks. In the last 24 hours, bitcoin (BTC) has fallen 6.5% against the US dollar. However, weekly calculations indicate that BTC is up 9.6% week over week. Most of BTC’s rise occurred on March 14, when it jumped above the $26K zone to exactly $26,533 around 9 a.m. (ET) Tuesday. As of 14:35 on March 15, bitcoin is changing hands for $24,357 per unit.
Despite the decline in value against the US dollar, bitcoin has become the 12th largest in valuation in the world, surpassing the market capitalization of payments giant Visa. As of Wednesday afternoon, BTC had a market cap of $469.60 billion, which is $18.31 billion more than Visa’s. However, the crypto asset’s market capitalization is still below Meta (formerly Facebook), which currently stands at $499.66 billion. For bitcoin to become the 11th largest asset by valuation in the world, its market cap would need to increase by $30.06 billion, surpassing Meta.
Currently, the top ten assets by market valuation include gold, Apple, Microsoft, Saudi Aramco, silver, Alphabet (Google), Amazon, Berkshire Hathaway, Nvidia and Tesla. Gold, the leader of the group, has a market capitalization of about $12.81 trillion. While BTC represents 42.7% of the crypto economy’s $1.1 trillion value, it only accounts for 3.67% of gold’s overall market value. Bitcoin’s market cap would need to increase by approximately $12.34 trillion to surpass gold’s market cap. However, bitcoin’s market cap is currently closer to silver, which was valued at $1.245 trillion on Wednesday afternoon.
Therefore, as of today, bitcoin’s market cap is roughly 37.7% of silver’s market cap. To surpass silver’s market cap, bitcoin’s market cap would need to increase by approximately $775.4 billion. In October 2021, BTC’s market cap ran up against silver’s overall valuation, but at that time, silver’s value was $1.31 trillion. When it comes to contending with tech giant Apple’s net worth, BTC’s market capitalization is 19.69% of Apple’s. For bitcoin to surpass the California tech giant’s net worth, it would need to increase its market capitalization by an additional $1.917 trillion.
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Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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