Bitcoin’s market price has recently remained steady above $90,000, pushing its market capitalization to an all-time high of $1.81 trillion on November 14, 2024. This milestone has positioned Bitcoin as the seventh-largest asset in the world, surpassing the market cap of Saudi Aramco, the world’s biggest oil producer.
Bitcoin’s impressive growth continued throughout the month, overtaking silver’s market cap and climbing past Saudi Aramco in the process. This surge has solidified Bitcoin’s place among the top global assets, as it now competes closely with the likes of Google’s parent company, Alphabet, which boasts a market cap of nearly $2.2 trillion.
Bitcoin’s Rise: Surpassing Major Players
On November 12, Bitcoin traded at a market price of $89,500, securing its position in the top eight assets. By November 14, the price surged to over $91,000, and Bitcoin’s market cap hit $1.81 trillion, overtaking Saudi Aramco’s valuation of $1.76 trillion. Despite its impressive growth, Bitcoin still lags behind Alphabet, which holds the sixth position with a market cap of $2.2 trillion.
The top five largest assets globally are gold, Nvidia, Apple, Microsoft, and Amazon, with market capitalizations of $17.1 trillion, $3.5 trillion, $3.4 trillion, $3.1 trillion, and $2.25 trillion, respectively. To surpass these tech giants, Bitcoin’s market cap would need to nearly double. Even then, Bitcoin would still be far from surpassing gold, the largest asset by market cap, which is valued at about five times Bitcoin’s current market cap.
Crypto Market Grows Alongside Bitcoin
The entire cryptocurrency market has also seen impressive growth, currently valued at $3.02 trillion, making it the eighth-largest global asset by market cap, just behind the GDP of France. As the crypto market continues to mature, Bitcoin remains a leading force within the sector.
Ethereum, Bitcoin’s closest competitor, has also seen significant growth. As of November 14, 2024, Ethereum surpassed Bank of America in terms of market capitalization, and it continues to climb. Ethereum recently surpassed Netflix and Johnson & Johnson in value, cementing its place as a rising star in the global asset ranking.
Looking Ahead: Bitcoin’s Potential in the Global Economy
While Bitcoin’s growth is certainly impressive, it still has a long way to go before challenging the top spots held by major tech companies and gold. However, its continued rise signals that cryptocurrencies, especially Bitcoin, could play an increasingly important role in the global financial landscape.
As Bitcoin’s market capitalization continues to grow, its influence on global markets may become more pronounced, offering both opportunities and challenges for traditional finance and investment sectors.
