Bitcoin, the flagship cryptocurrency surged to $97,000 on Wednesday, minting a new all-time high and closing in on a $2 trillion market capitalization.
The crypto asset has a current market cap of $1.9 trillion with $2 trillion within sight.
This impressive leap by Bitcoin means if it were a company it is now more valuable than Oil giant Saudi Aramco and $230 billion behind global e-commerce giant Amazon.
Saudi Aramco is the state-owned oil company of Saudi Arabia and is also known as Saudi Arabian Oil Group.
David Ingles a crypto influencer commented on this new development speculating on how things are shaping up in the list of the world’s largest companies by Market capitalization.
“Bitcoin price nearing $100K, market cap approaching $2 trillion. If Bitcoin was a company, it would be 6th biggest globally just behind Amazon and just ahead of Aramco” David Tweeted
The Global market cap of all cryptocurrencies surged to $3.3 trillion following Bitcoin’s pump to $97,000.
Bitcoin Market Capitalization Up close
To understand the gravity of Bitcoin’s market capitalization, the crypto asset’s market cap will need to be compared to the market cap of some of the world’s biggest companies and commodities.
- Bitcoin now has around 11% of the market capitalization of the gold market, which is worth $17.68 trillion, according to Companiesmarketcap.
- The crypto asset market cap is also more than half the size of the world’s largest company, Nvidia, which has a market cap of $3.6 trillion and is 10% larger than the entire market capitalization of silver.
Analysts React to Bitcoin’s Surge
Market analyst Tony Sycamore reacted to Bitcoin’s surge stating that the buying activity around the asset by far outweighs the selling activity.
“ Buyers are strangling the sellers “While I’m not sure it’s all going to be smooth sailing as it edges closer to the $100,000 mark, the demand appears to be insatiable,” Tony stated
Bitwise CEO Hunter Horsley commented on how Bitcoin is the greatest wealth transfer program of our time.
The greatest wealth transfer program in the world right now isn’t a tax or welfare program — It’s Bitcoin.”
“As Bitcoin succeeds, a large class of people with different world views and values will increasingly have resources to express those views. This is a less obvious, but meaningful way that Bitcoin is changing the world.” Hunter stated
What to Know
- The largest corporate holder of Bitcoin MicroStrategy also announced plans to accelerate asset purchases. In addition to that the debut of options on US spot Bitcoin ETFs has driven Bitcoin’s surge this week.
- Bitcoin has long surpassed the likes of Meta and Silver in Market Capitalization as it sets its sights on Amazon and Alphabet.