Bitcoin’s position as the leading and most valuable cryptocurrency in the world is not in doubt. The cryptocurrency has continued to not be the digital asset at the front line of other cryptocurrencies, but now in competition with traditional gold and silver assets.
In a recent crypto data analysis carried out earlier in the week, the cryptocurrency was pegged as the ninth most valuable asset globally with a market capitalization of $780 billion, a figure which is pegged as half the entire valuation of silver mined in history.
Bitcoin rivaling traditional assets
The mainstream acceptance and wide stream adoption of bitcoin by both institutional investors and traders are continuing to be rampant and increasing. However, it is worthy to note that the cryptocurrency is now being touted as a replacement to an indigenous known traditional asset like Gold and Silver. Analysts believe that while it might take time for bitcoin to reach the heights of gold, the digital asset’s valuation is currently giving worries to silver.
Late last year, a few gold investors were reportedly trading off their assets and re-investing the bitcoin proceeds. In the data by Infinite Market Cap, Bitcoin’s $780 billion valuations are now worth half of silver’s gross valuation, which stands at about $1.5 trillion. A careful look at the analysis shows that close to two million metric tons of silver have been mined in the record, at an average price of $25 per ounce, which leads to the total valuation figure.
If all factors remain constant, bitcoin trading at $80,000 will put the digital asset ahead of silver in overall market capitalization. Considering the rate at which the cryptocurrency is going, analysts predict that the cryptocurrency, which has surpassed several ATH already in 2021, will likely go stronger in the course year again.
Bitcoin surpasses Facebook, Alibaba, and others
The cryptocurrency has forced itself into a list of the top ten most valuable assets in the world. This doesn’t surprise keen observers and analysts, who have always predicted that the asset will attain such astronomical heights. Bitcoin currently ranked as ninth in the list is more valuable than Mark Zuckerberg’s Facebook, Jack Ma’s Alibaba, and Warren Buffet’s Berkshire Hathaway.
Elon Musk, the richest man in the world, Tesla, with a market capitalization of $820 billion, is currently placed at eight, slightly above the cryptocurrency in the top ten rankings. It is worthy to note that gold with a market capitalization of $11.7 trillion currently tops the list. Despite a few defections in the last few months, the traditional asset seems to be unstoppable.
Bitcoin’s success cannot be denied as the cryptocurrency has had to deal with price volatility, public criticism, and a host of other issues. Analysts expect the cryptocurrency, which many has now considered a store of value, to continue to push strong and force itself into the top five most valuable assets globally, even if it does not catch gold yet.