The price of Bitcoin reaches new all-time highs, above USD 41,700. The pioneering cryptocurrency should increase its price almost three times to be able to surpass Google.
There seems to be no end to the bullish momentum of the main cryptocurrency in the market. With a price above USD 41,600 and a market capitalization of USD 775 billion, Bitcoin exceeds the value of Facebook and Tesla. However, the volatility of the market causes this to vary from minute to minute.
In that way, the cryptocurrency that Satoshi Nakamoto created ranks 8th in financial assets globally, according to data from CompaniesMarketcap. While Facebook’s market capitalization is USD 765.44 billion, Tesla’s total value is USD 773.52 billion.
In recent days, the market capitalization of electric vehicle and clean energy company Tesla was almost 10% higher than that of Bitcoin.
If the current conditions of the market remained unchanged, Bitcoin should increase its price by 55% (about USD 64,000 per BTC) to advance one more place on the list. In this way, the pioneering cryptocurrency would exceed the capitalization of global technology company Google, which is USD 1.20 trillion.
According to data from CompaniesMarketCap, the gold market ranks first in the market, assuming that the total world reserves are 12.02 trillion. This is an estimated number as it is impossible to know the total circulation of this precious metal, and there are different criteria on how to calculate it.
To become the market leader, Bitcoin should increase its value almost 293 million times. Even though this task is difficult, some people believe that it is not impossible. Among them, Chinese businessman Bobby Lee estimates that Bitcoin’s market capitalization will exceed that of gold in 2028.
Investment specialists and companies such as SkyBridge Capital qualify Bitcoin as digital gold, with characteristics that outstrip physical gold. One of the members of the board of this company stated that “Bitcoin is better gold than gold itself.”
It is likely that shortly the market capitalization of the pioneering cryptocurrency will exceed the value of Apple, the most valued company. It ranks second on the abovementioned list with a capitalization of USD 2.20 trillion. This can only happen if each BTC trades above USD 120,000.
It is not impossible to imagine Bitcoin at that price, but it should almost triple its current value to get there. However, it would require less growth than it had in the last three months. During that period, its price went from USD 11,000 to the current USD 41,000.
The first cryptocurrency has also surpassed well-known firms such as Visa and MasterCard and the world’s largest electronic circuit company, Taiwan Semiconductor Manufacturing. In recent weeks, Bitcoin’s market capitalization reached USD 607 billion, thus exceeding the value of Berkshire Hathaway’s Class B stock market. Bitcoin’s ability to reach new all-time highs and recover from dramatic falls makes it the best option for both experienced investors and novices alike. Its current market capitalization proves that it is still the king of crypto assets.
By Alexander Salazar