Bitcoin has surpassed Facebook, the world’s leading social media platform, in value by market capitalization. The CEO of Binance exchange, popularly known as CZ made mention of this data in a tweet on April 17, 2021.
At the start of last year, Facebook had a higher market capitalization than all cryptocurrencies combined. The narratives have changed in recent times though following the recent Bull Run in the crypto space.
At the moment, only five companies have a higher market capitalization than that of Bitcoin. Apple leads the way with a market cap of $2.2 trillion and Microsoft follows closely with a market cap of $1.9 trillion.
Early in 2020, the total crypto market cap was not even up to $1 trillion. However, in 2021, the explosive growth the crypto ecosystem experience has ensured that the total crypto market cap currently sits above $2 trillion. Bitcoin grabs a huge chunk of that figure. At the moment, the Bitcoin market cap is above $1.14 trillion and it’s still growing.
This is a huge milestone in the crypto space and Bitcoiners no doubt welcome this new development. Bitcoin has been reaching and exceeding new all-time-highs in recent months.
Where to From Here?
A lot of Bitcoin analysts claim that Bitcoin is undervalued at the moment and will someday be worth hundreds of thousands of dollars per Bitcoin. If this eventually happens, the Bitcoin market cap will definitely experience another massive boost.
With the explosive growth that Bitcoin has experienced over the years, it won’t be totally surprising if, in the coming years, the highly valued cryptocurrency tops the rank of market capitalization.