Bitcoin has increased in market capitalization this week, surpassing the likes of internet giants, Meta and Visa, on its way to being the 11th most valued asset in the world.
This is based on the latest ranking by the website, CompaniesMarketCap on March 21 2023 which puts Bitcoin’s market capitalization at $541.26 billion, having increased 1.13% in value over the last 24 hours, and on an upward trajectory for the last 30 days.
#BTC market capitalization just one position shy of being in the top 10 leading global assets pic.twitter.com/pjmbIIwxdk
— BitKE (@BitcoinKE) March 21, 2023
Bitcoin is just shy of Tesla, capped at $579.82 billion in 10th place while the world’s leading cryptocurrency has a higher market capitalization than leading companies like Meta, Johnson & Johnson, TSMC, Visa, ExxonMobil, and Tencent.
Bitcoin’s value has gone up by over 13.7% in the last 30 days, and 25% in the last 14 after the collapse of 3 high-profile banks. Over the weekend, the value of Bitcoin rose above $28,000 as investors rekindled their interest in it as a substitute financial system.
While Bitcoin pulled back by 2% on Monday to $27,705.23, it had hit $28,554.07, its highest price in 9 months, according to several reports.
The rise in Bitcoin value comes after several banks, most notably:
- Silvergate Bank
- Silicon Valley Bank
- Signature Bank
- First Republic Bank
- Credit Suisse
face shutdowns and rescues for various reasons.
Swiss bank, Credit Suisse, the latest bank in the headlines, was acquired by rival, UBS, for 3 billion Swiss francs ($3.2 billion), a deal largely brokered by Swiss regulators to stem the contagion from spreading further in the global banking sector.
Bitcoin, which became the fastest asset to hit a $1 trillion market capitalization back in February 2021, doing so just 12 years after is creation, is expected to continue rising in the coming weeks as investors anticipate a slow down in interest rate hikes by the US Federal Reserve.
Shoud Bitcoin continue to increase in value, it may soon re-enter the top 10 of leading global assets currently occupied by the following, according to Companies MarketCap:
- Saudi Aramco
- Alphabet (Google)
- Berkshire Hathaway
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