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Bitcoin’s recent surge over $90,000 has pushed its market cap past Saudi Aramco, solidifying its position among top global assets.
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With Bitcoin’s market price trading steady at over $90,000, its market capitalization exceeded that of the world’s largest oil producer, Saudi Aramco, and has come closer to the tech goliaths.
On Nov. 14, Bitcoin (BTC) recorded a market cap of $1.805 trillion for the first time in history, making it the seventh biggest asset in the world, according to data from CoinMarketCap and CompaniesMarketCap.
List of top assets by market capitalization. Source: CompaniesMarketCap
Bitcoin flipped Silver on Nov. 12 to rank in the top eight assets while trading at a market price of $89,500. Hanging on to the bullish momentum, BTC price surged above $91,000, which helped overshadow Saudi Aramco’s market capitalization two days later.
Crypto market comparable to leading global economies
The entire crypto market cap is $3.02 trillion at the time of writing, making it the eighth-largest in gross domestic product terms behind the United States, China, Germany, Japan, India, the United Kingdom and France, according to data from the International Monetary Fund.
Related: Crypto market cap hits $3.1T high, may soon surpass France’s GDP
Bitcoin stands behind Alphabet, the parent company of Google, which boasts a nearly $2.2 trillion market capitalization in sixth position.
Bitcoin market capitalization reaches $1.8 trillion. Source: CoinMarketCap
The top five assets are gold, Nvidia, Apple, Microsoft and Amazon, with market capitalizations of roughly $17.1 trillion, $3.5 trillion, $3.4 trillion, $3.1 trillion and $2.25 trillion, respectively.
Ethereum follows Bitcoin’s footsteps
Based on the current market, Bitcoin will need to nearly double its market capitalization to beat all tech giants in the list. Even then, the market cap of gold would be roughly five times that of BTC.
Keeping up with Bitcoin, the Ether (ETH) market capitalization also continues to rise. Ethereum recently flipped the Bank of America as the market price reached $3,200 on Nov. 10.
List of top assets by market capitalization. Source: CompaniesMarketCap
As of Nov. 14, Ethereum stands as the 29th largest asset in the world in terms of market capitalization. In the last four days, Ethereum surpassed the market cap of Netflix and Johnson & Johnson.
Magazine: Off The Grid’s success shows ‘invisible’ blockchain is the winning play
This article first appeared at Cointelegraph.com News
