According to the latest results of the special ranking of companies by market cap, Bitcoin joins the top ten but this is not the only news that shakes the markets. Facebook or rather Meta recently lost 25% of its value on the market, giving way to the cryptocurrency par excellence that remains far from the podium.
Bitcoin exceeds Facebook for market cap but remains far from gold
To reach the podium, it is necessary to be able to reach the trillions and gold, the asset of assets, capitalizes more than 10 trillion dollars and is firmly at the top followed by Apple 2.8 trillion and the Saudi Aramco fund at 2 trillion. Results that are striking but blockchains have long accustomed us to dream and nothing is precluded to the fruit of Satoshi.
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According to several analysts, Bitcoin’s climb to the top asset rankings by market cap, is already underway. The competition for the top spots is only a matter of time.
It will be interesting to know if it will be possible sooner or later (rather later than sooner), to reach gold in first place. To do so, it will have to reach about $650,000 in value but nothing is impossible for Bitcoin. Cryptocurrencies in general had started the year subdued, tracing the exploits of the main stock and non-stock indices around the world, in particular the Nasdaq and the S&P 500. Very disappointing performances that leave a bitter taste in the mouth of those who considered Bitcoin a reserve asset like precious metals, and instead, due to volatility, preferred to bet more on safety than refuge goods such as gold.
Bitcoin rises again
Since a week ago, however, Bitcoin has recovered market shares and has settled again above 40,000 dollars, giving hope to analysts that what UBS said is the right way, namely that BTC may soon, at worst in the second half of the year, make a new bull run up to 75,000 dollars.
The truth is that Bitcoin is subject to four-year cycles of which two bullish and two bearish. In this period we would be in the middle of a bear market, with differences that nonetheless cancel out the containment forecasts we would have made in the past. Now the asset has been normalized and has fully entered among those considered safe by international investors assuming the position of official alternative currency of sovereign states, as happened with El Salvador. An entry of Bitcoin in other South American countries is under discussion, in other key states such as Turkey (gateway to Europe) and India, with which a practical discussion has been underway for some time for the entry of BTC as a parallel currency for the country that has 1.5 billion people.
Bitcoin has a bright future despite everything. We will be watching at the window and we will be able to see how far it can go. The climb up the market ladder is only in its infancy.