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.