Bitcoin is now the eighth largest asset in the world, overtaking Facebook and on the verge of beating the game of chance

Bitcoin price broke the $ 61,000 region last night. The recent bullish move has brought Bitcoin’s total market value to $ 1.157 trillion, outperforming Facebook’s market cap. With this capitalization, Bitcoin is currently only 17.3% below the total net value of all silver in the world.

Bitcoin bulls keep wandering

Bitcoin has done really well over the past 2 weeks as October is usually a cheap month for the top cryptocurrency. On October 15, 2021, BTC hit a multi-month high of $ 61,589, heading towards the ATH of $ 64,804 set 6 months ago.

BTC price 4-hour chart | Source: Tradingview

Not only did the massive surge in market capitalization help Bitcoin beat Facebook and become the eighth largest asset, the market dominance also rose to 46.5%, while ETH was at 18.2%.

https://twitter.com/100trillionUSD/status/1448969026970001444?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“Forget USD, Bitcoin = 31 ounces of gold .. and rising”.

The figures show that out of $ 156 billion in global trade of all coins in existence, BTC reaches $ 46.5 billion. USDT accounted for 55.9% of yesterday’s BTC trades, followed by USD (16.28%), BUSD (5.44%), JPY (4.12%), EUR (3.77%) and KRW (2nd , 72%).

Price spike due to rumors of US Bitcoin ETF launch?

In a note, Etoro analyst Simon Peters said the surge could be due to expectations of Bitcoin Exchange Traded Funds (ETF) approval.

“After a week full of expectations and dynamism, Bitcoin will be back above USD 60,000 in almost 6 months.

Yesterday’s surge appeared to have been triggered by growing investor confidence that US authorities would approve an ETF based on Bitcoin futures. Also, the upward move is likely to have been brewing for some time after weeks of positive net inflows into Bitcoin from institutional investors, the flow of Bitcoin from short-term holders to long-term holders.

The source: James Seyffart / Twitter

Mikkel Morch, chief executive officer and risk manager of crypto / digital asset hedge fund ARK36, said the price spike was clearly due to rumors that the US Securities and Exchange Commission was planning a plan to approve Bitcoin ETFs.

“It is clear that the recent surge in BTC is directly related to rumors that the SEC will approve the first US Bitcoin ETF.

It is becoming increasingly likely that at least one of the lead candidates for a BTC futures ETF, like Valkyrie or Vaneck, will be approved in the coming days and before the SEC deadline in November. With Valkyrie Investments updating its ETF futures prospectus with the ticker BTF on Wednesday, the company has the best chance of winning this race. “

Bitcoin slightly outperforms Facebook’s total value, 17.33% to dethrone silver

Bitcoin is currently the 8th most valuable asset in the world, higher than Facebook’s market cap. At the time of writing, according to the website’s statistics Company’s market capitalization, BTC’s market cap is $ 1.157 trillion and Facebook is $ 915.64 billion. This isn’t the first time Bitcoin has overtaken the social media giant, as it did in the first week of January this year.

Source: Company’s market capitalization

Interestingly, BTC was only worth $ 41,462 at the time, while Facebook’s market cap was $ 758 billion. Currently, both BTC and Facebook have higher market caps. In addition, BTC has not yet overtaken Tesla until January 2021, but market valuations now show that the crypto king is two places ahead of the electric car maker. BTC is also ahead of Berkshire Hathaway (BRK-A) as the total value of BRK-A shares is only $ 636.97 billion on Friday.

The next asset Bitcoin has to beat is silver, as all of the world’s silver is now valued at $ 1.314 trillion. Therefore, the capitalization of BTC needs to be increased by 17.33%. In addition to silver, gold, Apple, Microsoft, Saudi Aramco, Alphabet (Google) and Amazon also lead BTC. It can be seen that there is still a long way to go to outperform gold as it has to rise more than 905%.

Satoshi will be the richest man in the world when Bitcoin overtakes Apple

To beat the second largest global asset, Apple (AAPL), Bitcoin’s capitalization must rise more than 112.3% and trade at $ 125,257. The estimate is of course based on the amount of BTC in circulation today and by then more bitcoins will be released, meaning the price could be under $ 125,000.

With 18,844,512 offers currently in circulation, each Bitcoin would have to be worth $ 619,500 to beat gold. Another interesting fact is that if BTC outperforms Apple and is close to the valuation of gold, Satoshi will be the richest person (or group of people) in the world.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Minh Anh

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page