Bitcoin Still Leads Crypto in the Digital Asset Industry
Bitcoin continues to be the leader in the digital asset industry as being the highest-valued asset with the highest market cap.
Although the recent downfalls have pulled the asset’s price lower, it has continued to overcome all major obstacles. The token has continued emerging as the champion against all the odds.
This is the reason why the adoption of Bitcoin has been rising across the board. With the adoption rising, the value of the token is also experiencing significant surges, which is even more promising for the crypto industry.
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Though Bitcoin’s value had recently bottomed alarmingly from $26,000 to $19,627.79 on 10th March, yet it quickly rebounded back.
Since 10th March 2023 to date, Bitcoin is up by at least 9.6% and has so far rebounded back to the price level of $24,638.54.
It may however be worth noting that in the past 24 hours, Bitcoin price has been going down. So far the price has declined by at least 6.5% since yesterday.
Yet, the bulls are there which could cause another wave of value surge for the lead crypto coin.
Bitcoin is amongst The Lead Assets of the World
There was a time in 2021 when Bitcoin had become the world’s highest-valued single-unit asset. Even the market capital of Bitcoin started to send a shock of fears to the market cap of Gold.
At that time Gold’s market cap was $12 Trillion while Bitcoin’s market cap had exceeded $1.2 Trillion as of 9th November 2021.
The recent value surge for Bitcoin and the rest of the cryptocurrencies have been attributed to the collapse of three main financial institutions in the US.
Bitcoin also saw its value peaking above $26,000 which became the highest in the year from 1st January 2023 to date.
However, a single unit of Bitcoin is currently being sold at a price of $24,709.62 i.e. a price near the $25,000 benchmark.
Most importantly, Bitcoin has re-earned the title of becoming the world’s 12th biggest asset by value whose market cap is over Visa’s.
Bitcoin Taking down Visa
Visa, which is undisputedly the electronic payment giant of the world, is one of the world’s biggest organizations by market cap. Visa is also among the top 20 global industry leaders.
The present market cap of Visa as of Wednesday was $451.29 Billion. However, Bitcoin took down the visa when the lead crypto coin’s market cap exceeded $469.60 Billion on Wednesday.
This clearly shows that Visa’s market cap is falling $18.31 Billion short of Bitcoin’s market capitalization of $469.60 Billion. By taking down Visa, Bitcoin secured 12th place amongst the biggest assets of the world by valuation.
On the other hand, Bitcoin’s market cap is also falling short of Meta’s market cap which is hovering above $499 Billion as of Wednesday.
However, by the time of this piece, Bitcoin’s market cap is exceeding $476 Billion which indicates a further increase of $7 Billion since Wednesday.
If momentum continues to be there for Bitcoin, the coin would soon overcome Meta also in terms of market capitalization.
By doing so, Bitcoin would earn 11th position amongst leading assets of the world in terms of their individual market caps.
Assets at the Top
Presently, the global asset industry is continued to be dominated by Gold whose market cap is over and above $12 Trillion.
While Gold is at number 1, Apple Inc. is at the number two spot in terms of having the highest market cap in the world.
The third and fourth spots are being secured by Microsoft and Saudi Aramco respectively.
As regards 5th to 10th positions, assets such as Google, Amazon, Berkshire Hathaway, Nvidia, and Tesla have been securing the spots respectively.
On the contrary, the overall crypto market cap is still in the range above $1 Trillion and 46% of which belongs to Bitcoin.