Unshakable No.1 Gold Market Cap at 11% Level
The leading cryptocurrency Bitcoin's price has reached the historic milestone of $100,000 for the first time, achieving the 7th largest market capitalization among global assets.
According to the market capitalization ranking site CompaniesMarketCap on the 5th, Bitcoin's market cap stands at $2.027 trillion (approximately 2,868 trillion KRW), securing the 7th place among global assets following Alphabet, Google's parent company, which has a market cap of $2.143 trillion.
Bitcoin's market cap surpasses that of Saudi Arabia's state-owned oil company Aramco ($1.796 trillion), silver ($1.786 trillion), Tesla ($1.148 trillion), and Taiwan's TSMC, the world's largest foundry (semiconductor contract manufacturer), at about $1.04 trillion. It also exceeds the combined market capitalization of South Korea's stock markets: KOSPI (2,008 trillion KRW), KOSDAQ (337 trillion KRW), and KONEX (3.3 trillion KRW), totaling 2,348 trillion KRW.
Currently, the only companies with a market cap exceeding Bitcoin's are five big tech firms belonging to the 'Magnificent 7' ranked 2nd to 6th in market capitalization: Nvidia, Apple, Microsoft, Amazon, and Alphabet. Compared to gold, which has maintained its position as the undisputed number one global asset with a market cap of $17.933 trillion, Bitcoin's market cap is just over one-tenth.
Earlier, Bitcoin surpassed $100,000 around 9:40 PM (Eastern Time) on the same day at Coinbase, the largest cryptocurrency exchange in the U.S. This milestone comes 15 years after Bitcoin first appeared in January 2009 and 7 years after it first broke the $10,000 mark in November 2017.
Bitcoin, which surged to $73,800 earlier this year following the introduction of a spot Bitcoin exchange-traded fund (ETF) that passed U.S. regulatory approval in January, made new history by reaching $100,000, buoyed by the victory of 'pro-coin' Donald Trump in the U.S. presidential election. Bitcoin has continued its high-flying run, rising 130% since the start of this year and 45% since the November 5 U.S. election. The rally was capped off by news that Paul Atkins, who is favorable to cryptocurrencies, was nominated as the next chairman of the U.S. Securities and Exchange Commission (SEC).
Mike Novogratz, CEO of cryptocurrency firm Galaxy Digital, said, "We are witnessing a paradigm shift," adding, "After four years of political hardship, Bitcoin and the entire digital asset ecosystem are on the verge of entering the financial mainstream." Justin Danet-Desnoyers, a cryptocurrency analyst in Hong Kong, emphasized, "Bitcoin breaking through $100,000 is not just a milestone but evidence that the flows of finance, technology, and geopolitics are changing," and noted, "A figure that was dismissed as fantasy until recently has become reality."
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