coindesk.com
11 March 2024 10:33, UTC
Bitcoin continues to rise in the ranks of top assets by market cap, pushing past silver to become the world's eighth most valuable property.
With a 4% advance to an all-time high past $72,000 in the morning hours of U.S. trading, bitcoin's ($BTC) valuation shot to $1.42T, above that of sliver at $1.387T, according to CompaniesMarketCap.
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Earlier in this historic bull run, bitcoin pushed ahead of the market cap of Meta (formerly known as Facebook), which now stands at $1.2 trillion.
Next up in bitcoin's sight is the globe's seventh most valuable asset, Google parent Alphabet, whose current valuation is just shy of $1.7 trillion. Some bitcoin bulls have their sights set on the world's most valuable property – gold and its $14.7 trillion market cap. To get there, bitcoin would have to rise more than 10-fold, or past $720,000 per token.
“The robust price action continues to be fueled by the positive momentum of $BTC Spot ETFs,” said Matteo Greco, research analyst at Fineqia Capital, in a morning note. To that point, the London Stock Exchange Monday decided to accept applications for bitcoin and ether exchange-traded notes (ETNs).
