Bitcoin is now ranked ninth asset in terms of market capitalization.
The main digital asset is getting closer to Alibaba and Tesla.
BTC continues to break all-time highs breaking above $ 35,000 for the first time.
Bitcoin continues a very strong rally that started at the end of 2020, briefly touching the $ 36,000 threshold before retreating.
As Bitcoin continues to set new record highs , it is also climbing the ranks of the largest assets in terms of market capitalization.
According to AssetDash , Bitcoin Formula has overtaken the Taiwan Semiconductor Company to become the ninth largest asset in the world. The move follows last week’s news that the leading digital asset has overtaken Warren Buffet’s Berkshire Hathaway in terms of total market capitalization.
Bitcoin is climbing the ranks
With Bitcoin’s latest rally, it is quickly catching up to two other big global companies – Alibaba Group Holdings and Tesla. The two are respectively run by famous entrepreneurs Jack Ma and Elon Musk. If Bitcoin continues on its current trajectory, it should quickly overtake these two companies by market capitalization.
CME Bitcoin Futures
At the time of going to press, Bitcoin is only $ 10 billion less than to overtake Alibaba Group Holdings as the eighth asset in terms of market capitalization. This is growth that would represent only 2.6% of its current valuation.
If it outperforms Alibaba, Bitcoin would need to add an additional $ 36 billion in market cap to overtake Tesla, a move that would require additional growth of just over 7%.
Growing institutional interest
Many wonder if this bull run will follow in 2017’s footsteps, or result in as severe a correction as in subsequent years.
When it comes to Bitcoin in particular, one of the main differences between the two bull races is institutional interest. In 2017, the price was mainly carried by individual investors. With this current bull run, companies are buying for billions of dollars.
Companies and hedge funds that buy Bitcoin do so for a variety of reasons, but it mostly appears to be a way to preserve their cash reserves and act as a hedge against inflation. MicroStrategy and CEO Michael Saylor were among the first to set this precedent, investing more than $ 1 billion of MicroStrategy’s reserve holdings in Bitcoin.
Bitcoin gets front page publicity thanks to the Financial Times 12 years after its birth.
Bitcoin (BTC) received a fitting but accidental birthday gift on January 4 when the Financial Times made the front page of the twelfth anniversary of the genesis block.
Released on Monday, the next FT headline had already circulated on Bitcoin Machine social networks about cryptosystems before its publication.
12 years later: no ransom, just Bitcoin
The left column of the home page was dedicated to Bitcoin’s price increase, while the attached price chart made it the main image of the item.
New analysis suggests that Satoshi Nakamoto was a Londoner
Weekly BTC/USD candlestick chart (Bitstamp). Source: Tradingview
The timing couldn’t have been more precise, as it came just one day after Bitcoin celebrated its twelfth birthday. On January 3, 2009, another mainstream newspaper, The Times, based in the UK, ran the now infamous headline, „Chancellor on the brink of second bank bailout“, which was added to the first block of Bitcoin transactions, also known as the genesis block.
Trace Mayer: Get your Bitcoin out of the exchanges in the 2020 Proof of Keys
Keeping the Bitcoin company in 2021 was a headline, which some may argue is just as appropriate, related to coronavirus blockages, something that caused great economic damage and led to the printing of money on an unprecedented scale.
As expected, proponents of Bitcoin as solid money and a refuge from fiat inflation were in a celebratory mood when the FT headline became public.
„On the first business day of 2021, #Bitcoin takes its rightful place at the top of the Financial Times,“ summarised Michael Saylor, CEO of MicroStrategy, to Twitter followers, adding a quote from French author Victor Hugo.
Cryptcoins Leave Classic Assets in the Dust in 2021
As Cointelegraph reported, Bitcoin has already distinguished itself as a macro investment in 2021, having completely outperformed traditional assets in just four days. The same was true for 2020 and most years before, with only other cryptosystems and later Tesla shares providing significant competition.
„Bitcoin and Ether $ETH are already the biggest hits of 2021,“ tweeted Gemini exchange co-founder Tyler Winklevoss as the week began.
Bitcoin’s price drops to $27,700 to fill the giant futures gap, which is the biggest drop since BTC hit $20,000
On 3 January there was also a marked decrease in the exchange balances, which recalls a publicity effort by Bitcoin OG Trace Mayer over the last three years.
Dubbed the „Proof of keys“, Mayer called on investors to withdraw their currencies from mass exchanges on the same day in January as a means of taking control of personal finances and respecting the Bitcoin spirit of „being your own bank“.
By Monday, however, the trend had already reversed, with sudden volatility at Bitcoin causing funds to return to the exchange’s order books.