February 20, 2024 at 11:16 GMTModified date: February 20, 2024 at 11:16 GMT
February 20, 2024 at 11:16 GMT

Bitcoin climbs into the global top 10 by market cap

Bitcoin has surpassed leading corporations such as Tesla and Visa to secure its position among the top assets globally.

Bitcoin climbs into the global top 10 by market cap

Bitcoin ($BTC) has officially entered the “top 10 assets in the world by market cap”, a list featuring only those assets valued over $1 trillion. The milestone has placed Bitcoin in the tenth spot, just below Meta Platforms (Facebook).

In doing so, $BTC has overtaken giants such as the American conglomerate, Berkshire Hathaway Inc. and pharmaceutical heavyweight, Eli Lilly and Company.

The ascent of Bitcoin above these traditional powerhouses highlights the growing influence and acceptance of cryptocurrencies in the global financial landscape. 

Notably, Bitcoin has also surpassed the electric vehicle pioneer, Tesla, which is currently ranked 14th with a market capitalisation of $636 billion. Down in the list, other top companies like the payment processing giant, Visa, also exist with $572 billion.

At the top, there is Gold, boasting a valuation of over $13 trillion, followed by tech titans Microsoft and Apple, with market caps exceeding $3 trillion and $2.8 trillion, respectively. 

Other notable names rounding out the top spots include Saudi Aramco, Nvidia, Amazon, Alphabet (Google), and Silver, with Meta Platforms just ahead of Bitcoin at $1.206 trillion.

Bitcoin’s return to $1T market cap

Bitcoin’s market capitalisation soared back above the $1 trillion mark last week, when a bullish momentum took over the broader cryptocurrency market on 14 February. 

Propelled by this bullish surge, $BTC saw its price breach the $52,000 threshold. The resurgence to this valuation has not been witnessed since November 2021, when Bitcoin hit its all-time high of $69,000.

The rally in Bitcoin’s price has been a boon for the broader cryptocurrency market as well, pushing the total market capitalisation beyond the $2 trillion mark. This level was last seen in April 2022. 

Bitcoin has been enjoying much attention ever since the US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs) in the country last month. Even though the coin’s price didn’t shoot up in price as expected, it has managed to sustain a positive monetmtum.

The recent growth can, therefore, be said to reflect the increasing investor confidence and the positive momentum building within the crypto space.

The current state

As of press time, Bitcoin has maintained its position above the $52K mark, with a current market cap of $1.019 trillion. 

It is currently changing hands for $52,023, after experiencing an approximate 4% increase over the past week. The cryptocurrency’s price began its upward trajectory above the key $52K mark on 15 February, peaking to a high of $52,795.

Even though the top coin is trading in the green, volatility could be high as the Bollinger Bands widened and moved away from each other in its chart. 

However, despite this, Bitcoin has stayed above the $50,000 level in the last week, signalling a bullish market sentiment. This uptrend has also been confirmed by other indicators like the Awesome Oscillator, which emanated long green histograms on its chart. 

The optimism surrounding Bitcoin is further evidenced by its Fear and Greed Index score of 72/100, indicating a high level of enthusiasm among investors. This index, which ranges from 0 (Extreme Fear) to 100 (Extreme Greed), serves as a barometer for investor sentiment, with the current score suggesting a strong conviction in Bitcoin’s future prospects.