• Bitcoin (BTC) is the 12th largest asset worldwide by valuation.
• It has a market capitalization of $469.60 billion, surpassing that of Visa’s.
• BTC’s market valuation is still below that of Meta (formerly Facebook), which is currently at $499.66 billion.
Bitcoin Becomes 12th Largest Asset Worldwide by Valuation
The price of bitcoin, the leading digital asset by market capitalization, dropped below $26,000 per unit but it is still up 9.6% since last week and 6.5% in the last 24 hours. Out of the 7,316 companies, crypto assets, precious metals and exchange-traded funds worth more than $82 trillion in value, bitcoin has become the 12th largest asset worldwide by valuation with a market capitalization of $469.60 billion which surpasses that of Visa’s.
Market Capitalization Comparisons
Crypto assets including bitcoin have increased in value this week due to the collapse of three major U.S banks and its market valuation would need to increase by approximately $12.34 trillion to surpass gold’s market capitalization which is currently at around $12.81 trillion as well as 37.7% of silver’s current market valuation ($1.245 trillion). To surpass silver’s market capitalization, bitcoin’s marke needs to increase by $30 million which would make it the 11th largest asset in terms of its overall value compared with other top assets such as gold, Apple Microsoft Saudi Aramco etc..
Price Decreases against US Dollar
Despite this increase in value against other assets on a global scale its price has decreased 6.5% in comparison with the US dollar over the past 24 hours and was exchanging hands for $24357 per unit at 2:35 pm on March 15th 2021 .
Weekly Metrics Indicate Increase
Most importantly weekly metrics indicate that BTC is up 9 .6 % week over week and it jumped above the 26K zone to precisely 26533 at around 9 am ET on Tuesday 14th March 2021 .
Conclusion
In conclusion Bitcoin has become an increasingly important asset on a global scale even though its price has decreased slightly against USD over past 24 hours ,weekly metrics indicate an overall increase and it now ranks 12th amongst all global assets in terms of its overall value .