The queen of cryptos continues its meteoric rise, now overtaking Saudi Aramco to become the seventh most valuable asset in the world. With a market capitalization of $1.81 trillion, bitcoin is getting closer to tech giant Google.
The capitalization of Bitcoin explodes and borders on Google
Yesterday, November 13, 2024, bitcoin reached a new historic milestone by reaching $93,000, propelling its market capitalization to $1.81 trillion. This spectacular progression allowed it to overtake Saudi Aramco, the world's largest oil producer.
This dizzying rise now positions bitcoin just behind Alphabet, Google's parent company, whose valuation amounts to $2.2 trillion.
The gap is gradually closing with the technology giants, although bitcoin still needs to almost double its capitalization to compete with the sector leaders. At the top of the ranking, gold maintains its dominance with a capitalization of 17.1 trillion dollars, followed by Nvidia (3.5 trillion), Apple (3.4 trillion), Microsoft (3.1 trillion) and Amazon ( 2.25 trillion).
In this higher context, the performance of Bitcoin illustrates the growing maturity of the crypto market, which now has a total capitalization of more than $3,000 billion.
A ripple effect across the entire crypto market
The positive momentum of Bitcoin is generating a ripple effect across the entire crypto sector. Ethereum, the second largest cryptocurrency, is following the same trajectory with a price exceeding $3,200.
This progression allowed it to recently surpass the capitalization of Bank of America, rising to 29th place among the most valued assets in the world.
The crypto market as a whole is now reaching a valuation comparable to that of the world's major economies. With a total capitalization of $3.02 trillion, it ranks eighth in the world in terms of GDP, behind France, but ahead of many developed economies, including Spain.
This rise of the crypto sector, led by bitcoin, demonstrates a growing adoption of digital assets by institutional and individual investors, redefining the contours of the global financial landscape.
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