Bitcoin Overtakes Tesla and Visa in Market Cap, Eyes Top Five

• Bitcoin rubs shoulders with world superpower companies as it makes into the top ten largest assets. 

• Gold, Microsoft, and Apple take the top three spots while Ethereum ranks 36th. 

The largest crypto by market cap Bitcoin (BTC) has made history by emerging in the list of top ten largest assets in the world, rubbing shoulders with heavyweight public companies, precious metals, and Exchange-Traded Funds (ETFs).

With a market cap of $946,640,163,867, Bitcoin was listed as the tenth largest asset, overtaking the likes of Tesla ($616.47 B), JPMorgan Chase ($503.45 B), Berkshire Hathaway ($861.40 B), VISA ($566.47 B), Broadcom ($600.83 B), Walmart ($455.98 B), Samsung ($371.06 B), TSMC ($690.36 B), etc. According to the list compiled by CompaniesMarketCap, Bitcoin is only behind Meta Platforms ($1.193T), Silver ($1.293 T), NVIDIA ($1.781 T), Amazon ($1.812 T), Alphabet ($1.821 T), Saudi Aramco ($2.004 T), Apple ($2.916 T), Microsoft ($3.124 T), and Gold ($13.697 T). 

The next crypto to appear in the top 40 list is Ethereum, which ranked 36th with a market cap of $300.11 B. Analysts believe that Bitcoin could make its way into the top five after the full impact of the recently approved spot Bitcoin ETFs is fully felt coupled with the post-halving price reactions. 

Analysts Comment on the Bitcoin price Move

According to BanklessTimes financial analyst, Alice Leetham, the position of Bitcoin indicates how the decentralized technologies cement their positions in the financial system. To her, Bitcoin could be recognized as one of the most valuable assets in the world when its adoption rate keeps increasing. 

Bitcoin’s current rank is a true reflection of decentralized technologies taking over our financial systems. Looking back, Bitcoin has seen unprecedented growth over the years, and overcome so many setbacks. With the continual acceptance of crypto and the rising momentum of blockchain tech, we can expect Bitcoin to rise as one of the most valued currencies in the world.

BTC is still extending its bullish run with a weekly surge of 11.8%, trading at $48,219.47 as of press time. The asset has a bullish market sentiment with a score of 78/100. Over the past three months, BTC has surged by 31%, adding $11,553.46 to its previous price. 

Leetham believes that 2023 was a recovery year for Bitcoin after losing about 65% of its value in 2022. 

Naturally, like all major cryptocurrencies, Bitcoin was hit hard by the fall of FTX, the recessive economy, and the regulatory crackdown. As a result, its market value and price fell.

Recently, CNF reviewed DonAlt’s prediction that Bitcoin could hit $60k. However, he cautioned that the asset could fall to as low as $35k when bears resist the move. LMAX Digital also observed that the asset is looking forward to making a fresh yearly high, predicting that Bitcoin could breach the $50k zone soon. Contrary to these predictions, crypto ETP specialist at CEC Capital, Laurent Ksiss expects investors to take profit along the price curve. According to him, this could cause the asset to fall to $42,000 or $40,000 level.