Gaining 23% over the last seven days, the world’s largest cryptocurrency, Bitcoin, has managed to cut its deficit from January’s rough start. Also, the rise in value has helped Bitcoin enter the top 10 global assets ranked by market cap.
Bitcoin Has the 9th Biggest Market Cap
The 23% rise in value, and the resulting market cap hike, have seen Bitcoin overtake Meta (formerly Facebook), Nvidia, and Berkshire Hathaway, to enter the top 10 of the world’s most valuable assets ranked by market cap.
Bitcoin’s market cap has jumped from $734 billion on February 1 to $845.72 billion, which means the digital asset has the 9th biggest market cap of all global assets. Tesla, which is valued at $963.23 billion, sits a position ahead of Bitcoin.
Berkshire Hathaway is ranked below Bitcoin with $720.6 billion, while Nvidia is ranked 11th with $665.5 billion and Meta 12th with $663.28 billion.
Top 10 assets ranked by market cap. Source: CompaniesMarketCap
Ethereum is Now Ranked as the 24th Biggest Global Asset
Ethereum, which has gained 25% over the last seven days, has seen a significant jump in its market cap. Ethereum is now the 24th Largest Global Asset, with a market cap of $388.65 billion. Ethereum now sits above Walmart, Mastercard, Nestle, Alibaba, and Exxon Mobil on the ranking of global assets.
On the Flipside
- Despite Bitcoin trading above $44k, JP Morgan has put its fair value at $38,000, which would place it under the top 10 global asset ranking.
Why You Should Care
The impressive feat reached by Bitcoin and Ethereum is a result of the increasing global adoption of cryptocurrencies.