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Bitcoin is worth more than Facebook and Tencent: Top 5 in the world

via:新浪科技     time:2021/11/14 20:01:26     readed:82

Just this week, BTC hit a record high of $68,500, giving it a market cap of $1.3 trillion. It has surpassed Facebook and Tencent in terms of market capitalization, making it into the world's top five.

  BTC and ETH hit a record high

Just this week, the cryptocurrency BTC topped $68,500 for the first time on Monday, hitting an all-time high. The market has been in slow ox mode since early October. BTC's total market capitalization has reached nearly $1.3 trillion, according to CoinMarketCap.

As has been widely reported in the media, more and more investors have gradually accepted BTC as an investment product. They generally see BTC as a store of value like gold, especially as cryptocurrencies become what they see as a hedge as concerns about inflation grow. At the same time, blockchain data from Glassnode confirms this, as the number of unique wallets with balances over 0 bitcoin has recovered to around 39 million, which is close to the all-time high of 38.7 million set in May.

Meanwhile, Glassnode noted in its weekly report on Monday that bitcoin balances on exchanges continue to decline, while BTC mining computing power -- a measure of the total computing power used to protect the BTC blockchain -- could return to a record high before the end of the year. BTC computing power slumped in July as ZG began cracking down on BTC mining.

New York, Nov 8 (Reuters) -- A record $6.4 billion has flowed into BTC products and funds so far this year, according to data from digital asset manager CoinShares, as investors buy cryptocurrencies on the back of rising government acceptance and positive trading momentum.

Inflows into the BTC market totaled $95 million last week, the most of any digital asset, according to CoinShares on Monday. During BTC's eight-week bull run, inflows totaled $2.8 billion.

ETH, the second largest cryptocurrency by market capitalization, also hit a record high of $4,859 on November 10, following BTC.

There are reports that the Ethereum network destroyed at least more ETH in a week after the London hard fork upgrade. After the London hard fork, the Ethereum network introduced a mechanism to destroy ETH from most transaction fees rather than sending it to miners. Destruction means that this portion of ETH is permanently removed from the circulation supply.

Meanwhile, concerns surrounding the scalability and high transaction fees of the Ethereum blockchain continue to shift some of the market's attention to so-called Ethereum altcoins, including Solana (SOL), Polkadot (DOT), Terra (LUNA) and Avalanche (AVAX).

The value of the world's cryptocurrency market has topped $3 trillion for the first time as mainstream investors get more involved.

"The crypto market is growing at a phenomenal rate," said Ipek Ozkadskaya, an analyst at Swiss bank Ubs.

"There is certainly an element of speculation, but there is also an element of truth," she told AFP. Cryptocurrencies are trying to make inroads into traditional finance, and everyone is in on it."

  Bitcoin is worth more than Facebook and Tencent

After rising to $68,500 and reaching a market cap of more than $1.3 trillion, BTC has surpassed the combined market capitalization of social media giants Facebook AND Tencent.

According to the 2021 Hurun Global 500 list, BTC ranks fifth among major global companies in terms of market capitalization, following Apple, Microsoft, Amazon and Alphabe, the parent company of Google. It was fifth.

The recent price rise puts bitcoin's market cap close to that of Amazon and Alphabe. Tesla CEO Elon Musk's recent announcement that he plans to sell his 10% stake in Tesla may have contributed to BTC volatility over the weekend, when the crypto asset rose more than 4% from $62,941 to $65,512 in less than two hours.

The market value of BTC already exceeds the total value of many fiat currencies. In February, the crypto asset surpassed the Russian ruble. Bitcoin's market value also briefly surpassed that of the Swiss franc in October.

  BTC prices can be as high as $150,000

BTC prices hit a record high, these two days there was a short correction. So where do prices go from here?

Todd Gordon, founder of Inside Edge Capital Management, said bitcoin's recent breakout may be supportive, but investors should be cautious about how many cryptocurrencies they own.

"I think it should be part of a client's portfolio, but it's a small part," Gordon told CNBC's Trading Nation after Bitcoin hit an all-time high on Tuesday. "Our forecast for BTC is around $125,000 to $150,000 before we hit resistance, so...... I do think it will get there."

About 3 percent of Gordon's portfolio is invested in various digital assets. He said there are several upside catalysts in the sector, despite its "amazing" volatility, as Apple looks into cryptography, due to ZG's ban and the expansion of the metasexes, and the rise of the US mining industry.

"I'm bullish, but with so much volatility, be careful and understand what you're dealing with here," Gordon cautioned.

Gina Sanchez, founder and CEO of Chantico Global, said in the same interview that while Fed Chairman Jerome Powell helped spark the recent rally by saying he was not considering a cryptocurrency ban, But the Fed could also be one of bitcoin's biggest headwinds.

"As the economy continues to reopen and the numbers start to heat up, we will at some point see the Fed exit" its massive monetary support, reducing liquidity in the market and potentially stifling cryptocurrency performance, Sanchez said. She is also chief market strategist at Lido Advisors.

Global central banks considering creating their own digital currencies could also pose a threat, she warned.

"Central bank digital currencies have the potential to have an advantage in terms of regulation, and that's the biggest unknown for cryptocurrencies right now," Sanchez said. "It can create big winners and big losers."

All things considered, she agrees with Gordon that caution is key. (Golden Finance)

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