Bitcoin hot on the heels of Google as market cap nears $2 trillion
Bitcoin’s recent surge over $90,000 has pushed its market cap past Saudi Aramco, solidifying its position among top global assets.
With Bitcoin’s market price trading steady above $90,000, its market capitalization has exceeded that of the world’s biggest oil producer, Saudi Aramco, and has come closer to the tech goliaths.
On Nov. 14, Bitcoin recorded a market cap of $1.81 trillion for the first time in history, making it the seventh-biggest asset in the world, according to data from CoinMarketCap and CompaniesMarketCap.
Bitcoin passed silver on Nov. 12 to rank in the top eight assets while trading at a market price of $89,500. Continuing the bullish momentum, BTC price surged above $91,000 two days later, overshadowing Saudi Aramco’s market cap.
Crypto market comparable to leading global economies
The entire crypto market cap is $3.02 trillion at the time of writing, making it the eighth-largest in gross domestic product terms behind the United States, China, Germany, Japan, India, the United Kingdom and France, according to data from the International Monetary Fund.
Bitcoin stands behind Alphabet, the parent company of Google, which boasts a nearly $2.2 trillion market capitalization in sixth position.
The top five assets are gold, Nvidia, Apple, Microsoft and Amazon, with market capitalizations of roughly $17.1 trillion, $3.5 trillion, $3.4 trillion, $3.1 trillion and $2.25 trillion respectively.
Ethereum follows Bitcoin’s footsteps
Based on the current market, Bitcoin would have to almost double its market capitalization to beat the tech giants in the list. Even then, the market cap of gold would be about five times that of BTC.
Keeping up with Bitcoin, the Ether market capitalization also continues to rise. Ethereum recently passed the Bank of America as its market price reached $3,200 on Nov. 10.
As of Nov. 14, Ethereum stands as the 29th largest asset in the world in terms of market capitalization. In the last four days, it also surpassed the market cap of Netflix and Johnson & Johnson.
