Bitcoin becomes the 10th largest asset, eyes Meta!
20 Feb, 2024 · 16 min read
The bull market seems to be back, with Bitcoin (BTC) leading the gains, crossing the coveted USD 50K mark in the second week of February.
With this surge in price, Bitcoin entered the top 10 assets in the world by market capitalisation. Let’s cover how Bitcoin reached this status and where it can go next!
Bitcoin crosses $50K again
Bitcoin touched ~$53K in February, crossing the round mark of $50K again and reaching a market capitalisation of over $1T.
Bitcoin has been recovering from ~$15.5K (late 2021) to finish 2023 at around $43K, registering a 140% gain that year.
Bitcoin hasn’t slowed down in 2024, already crossing the $52K mark, with analysts pointing to a new bull market this year amid the next halving (expected in April).
Bitcoin has become a top 10 asset by market cap
With the rise in the Bitcoin price, the original digital asset has reached a market capitalization of ~$979B (current prices) and became, once again, the 10th largest asset in the world. This ranking includes assets like stocks, commodities, ETFs, and cryptocurrencies.
Bitcoin crossed the market cap of Berkshire Hathaway and other leading companies such as Eli Lilly and TSMC. Bitcoin is now the 3rd largest “commodity,” coming after Gold and Silver.
Here’s how Bitcoin currently ranks against other assets:
- Silver – $1.298T
- Meta Platforms – $1.206T
- Bitcoin – $1.023T
- Berkshire Hathaway – $880.00B
- Eli Lilly – $742.41B
- TSMC – $657.06B
Bitcoin surpasses Berkshire Hathaway
Bitcoin became the 10th largest asset by market capitalization by overthrowing an asset giant, Berkshire Hathaway.
The company behind Warren Buffett has a current market capitalization of $880.00B, while Bitcoin has crossed the $1 trillion mark.
Bitcoin eyes Meta
With the current top 10 ranking by Bitcoin, if the price continues to surge to levels above $60K, it can dethrone Meta Platforms, the company behind Facebook and Instagram, to become the 9th largest asset in the world.
Can Bitcoin reach the market cap of Silver?
When Bitcoin reached its all-time of $69K, it touched a market capitalization of $1.28 trillion on November 9, 2021, approaching Siver.
If Bitcoin beats its record price of $69K, it will be able to cross the market cap of Silver and only trail behind Gold as the leading commodity.
Currently, the market cap of Silver sits at $1.244 trillion while Bitcoin is $1.02 trillion, eyeing the position of the 8th largest asset.
Can Bitcoin reach the market cap of Gold?
Bitcoin could, one day, reach the top of the list of the biggest assets in the world, but it would need to surpass Silver and some leading oil and tech companies to do so.
If Bitcoin reached the prediction of $100K per coin, it could become the 4th largest asset in the world, surpassing oil giant Saudi Aramco behind Apple.
To surpass Gold and become the largest asset in the world, Bitcoin would have to reach a price of ~$650K, which seems a bit far-fetched shortly, but $1 million and $2 million price predictions have been made by experts and industry insiders.
Bitcoin ETFs reach the top charts
Exchange Traded Products (ETPs) have been popular vehicles for institutional investors to tap into the digital sector, with several Bitcoin Futures ETF and Bitcoin ETPs trading in the US, Europe, and Asia.
With the recent approval of the first Bitcoin spot ETFs in the US, investors have inflowed into these products, surpassing USD 10b in Assets under Management (AuM) in less than one month.
As a result, Bitcoin has reached the top charts as the 2nd biggest commodity ETF in the world by market capitalization, surpassing Silver and trailing behind Gold.
Bitcoin market capitalization over time
Bitcoin took over four years to reach a $1B market cap in May 2013, after being launched officially on 3 January 2009.
From there, it took Bitcoin nine years to reach the round mark of $100 billion (October 2017), while it reached $1 trillion for the first time in February 2021.
Crypto market capitalization over time
Bitcoin has been leading the evolution of the crypto market and its growth in market capitalization despite the emergence of thousands of new coins.
The crypto market reached its record market capitalization amid the last bull market, topping $3 trillion in November 2021.
Cryptocurrency’s market cap currently sits at roughly $1.9 trillion, which would set the overall digital assets market as the 5th largest asset in the world (if we considered crypto as a unique asset).
Ethereum is a top 40 asset in the world
Ethereum (ETH) is the 2nd most valuable crypto asset, behind Bitcoin, sitting at ~$316 billion. In the ranking for all assets, Ethereum is currently the 31st largest one by market cap, sitting behind companies Costco, Merck, and Tencent.
With the growth of crypto and the rising importance of Ethereum as the new financial infrastructure of the world, we could see Ethereum approaching Bitcoin into the top 20 or 10 of the largest assets in the world.
Track your Bitcoin gains and do your taxes
Investors trading Bitcoin around the world need to track their gains/losses and report their Bitcoin taxes.
The easiest way to import your Bitcoin trades is with the help of a crypto tax software that automatically tracks your gains/losses and income from all crypto transactions, from trading to staking and NFTs/DeFi.
CoinTracking can do all of this with our CSV & API importers and a Bitcoin blockchain importer while enabling you to generate the right tax forms to report your Bitcoin taxes.
Frequently asked questions
about Bitcoin becoming the 10th largest asset worldwide
Conclusion
Bitcoin has been surging in price lately, surpassing leading companies to become a top 10 asset by market cap, eyeing Meta and Silver as the next targets.
With the predictions in place and if Bitcoin crosses its previous all-time high, it could rank higher and become the 8th largest asset in the world.
There are still opportunities for investors, but don’t forget that if you make profits from Bitcoin, you’d need to report your crypto taxes (CoinTracking can help you).
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.
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