With Bitcoin's market price stabilizing above $90K, its capitalization has surpassed the world's largest oil producer, Saudi Aramco, and is inching closer to tech giants.
On November 14, Bitcoin (BTC) recorded a market capitalization of $1.805 trillion for the first time in history, becoming the world's 7th largest asset, according to data from CoinMarketCap and CompaniesMarketCap.
List of top assets by market capitalization. Source: CompaniesMarketCap
Bitcoin surpassed Silver on November 12 to rank among the top eight assets when it traded at a market price of $89,500. Following the bullish momentum, BTC price surged above $91K, which helped it surpass Saudi Aramco's market capitalization two days later.
Cryptocurrency Market Compared to Top Global Economies
The total cryptocurrency market capitalization is currently $3.02 trillion at the time of writing, making it the eighth-largest economy in terms of gross domestic product after the United States, China, Germany, Japan, India, the United Kingdom, and France, according to data from the International Monetary Fund.
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Bitcoin is behind Alphabet, Google's parent company, which boasts a market capitalization of nearly $2.2 trillion in sixth place.
Bitcoin market capitalization hits $1.8 trillion. Source: CoinMarketCap
The top five assets are gold, Nvidia, Apple, Microsoft and Amazon, with market capitalizations of approximately $17.1 trillion, $3.5 trillion, $3.4 trillion, $3.1 trillion and $2.25 trillion, respectively.
Ethereum follows in Bitcoin's footsteps
Based on current market conditions, Bitcoin would need to nearly double its market capitalization to surpass all the tech giants on the list. Even then, gold’s market capitalization would still be about five times that of BTC.
Following in Bitcoin’s footsteps, Ether’s (ETH) market cap continues to grow as well. Ethereum recently surpassed Bank of America’s when its market price hit $3,200 on November 10.
List of top assets by market capitalization. Source: CompaniesMarketCap
As of November 14, Ethereum is the 29th largest asset in the world by market capitalization. In the past four days, Ethereum has surpassed the market capitalizations of Netflix and Johnson & Johnson.
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