Bitcoin, the most popular digital asset on the planet, is worth less than $26,000 per unit. Even with this drop though, its value has still gone up 9.6% in the last week. It’s decreased 6.5% over the past 24 hours though. When looking at all 7,316 companies and other things like crypto assets, metals, and exchange-traded funds that have a combined value of more than $82 trillion dollars, bitcoin still ranks as the 12th biggest asset out there!
Recently, the price of Bitcoin (BTC) has gone up after three big U.S banks failed. In the last day, BTC’s value dropped by 6.5% in terms of dollars. However if you look at the bigger weekly picture, it has grown by 9.6%. On March 14th it had a huge jump and was at $26,533 per unit around 9am ET Tuesday morning. But now on March 15th it is at $24,357 per unit at 2:35pm ET.
Bitcoin has become very valuable and recently passed the market capitalization of Visa, which is a massive company that helps people pay for things. Bitcoin’s value (called “market capitalization”) was $469.60 billion on Wednesday afternoon while Visa had a lower number at $451.29 billion. There is one bigger asset than bitcoin, though; it’s called Meta (formerly Facebook) and it had a market capitalization of $499.66 billion. For bitcoin to become the 11th biggest asset in the world, its market capitalization would need to increase by about $30 billion more than Meta’s number.
Right now, the ten most valuable assets are gold, Apple, Microsoft, Saudi Aramco, silver, Google (also called Alphabet), Amazon, Berkshire Hathaway, Nvidia and Tesla. Gold is worth a huge amount of money – $12.81 trillion. On the other hand, Bitcoin only makes up a tiny percent of gold’s value ($1.1 trillion in total) which is 3.67%. That means Bitcoin would have to increase its overall value by about $12.34 trillion to be at the same level as gold! But when we look at silver instead, Bitcoin’s current market value is much closer ($1.245 trillion).
Today, bitcoin is worth about 37.7% as much as silver. To be worth more than silver, bitcoin’s value would need to increase by about $775.4 billion. In October 2021, bitcoin’s value was close to silver’s at $1.31 trillion. Compared to Apple, a big tech company in California, Bitcoin is only 19.69% of their total net worth – that means for it to surpass them, it needs to go up another $1.917 trillion!
Let’s talk about Bitcoin. How has it been doing in the past seven days and what do you think about it becoming one of the 12 biggest assets by its market value? Share your opinions with us below!