The price rise to $40,000 and above has significantly increased the market capitalization of the leading cryptocurrency, bringing its valuation a little closer to the market value of gold.
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According to Gold.org, the approximate market value of all mined gold is $10.6 trillion. Bitcoin’s market capitalization at the time of writing stands at $736.3 billion, according to CoinGecko. This is 6.94% of the total value of the precious metal.
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The chart below shows Bitcoin’s market capitalization compared with some traditional assets, including gold and Tesla.
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According to AssetDash, Bitcoin has surpassed the market capitalization of Tencent and Alibaba, and is now competing with Facebook.
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Data: AssetDash.
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The total market capitalization of all cryptocurrencies at the time of writing is $1.06 trillion, according to CoinGecko.
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The veteran investor Dennis Gartman described Bitcoin as ‘the gold of millennials’.
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