Bitcoin is now ranked ninth in terms of market capitalization.
The main digital asset is close to Alibaba and Tesla.
BTC continues to break new ground, exceeding $35,000 for the first time.
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Bitcoin continues a very strong rally that began in late 2020, briefly hitting the $36,000 threshold before falling back.
As Bitcoin continues to set new record prices, it is also climbing the ranks of the largest assets in terms of market capitalization.
According to AssetDash, Bitcoin has surpassed Taiwan Semiconductor Company to become the ninth largest asset in the world. This follows last week’s announcement that Bitcoin’s largest digital asset surpassed Warren Buffet’s Berkshire Hathaway in terms of total market capitalization.
Bitcoin Climbing the Ladder
With Bitcoin’s latest rally, it quickly caught up with two other major global companies – Alibaba Group Holdings and Tesla. Both are headed by the famous entrepreneurs Jack Ma and Elon Musk respectively. If Bitcoin continues on its current trajectory, it should quickly overtake these two companies in market capitalization.
CME Bitcoin Futures
At the time of going to press, Bitcoin is only $10 billion short of surpassing Alibaba Group Holdings as the eighth largest asset in terms of market capitalization. This is a growth that would represent only 2.6% of its current valuation.
If it surpasses Alibaba, Bitcoin would need to add an additional $36 billion in market capitalization to surpass Tesla, a move that would require additional growth of just over 7%.
Growing Institutional Interest
Many are wondering whether this bull run will follow in the footsteps of 2017, or will result in as severe a correction as in subsequent years.
With regard to Bitcoin in particular, one of the main differences between the two bullish races is institutional interest. In 2017, the price was mainly driven by individual investors. With the current bull run, companies are buying for billions of dollars.
Companies and hedge funds that buy Bitcoin do so for a variety of reasons, but it seems to be mainly a way to preserve their cash reserves and act as a hedge against inflation. MicroStrategy and CEO Michael Saylor were one of the first to set this precedent by investing more than $1 billion of MicroStrategy’s reserve assets in Bitcoin.