Bitcoin Market Cap Surpasses $1 Trillion After 2 Years — That’s Bigger Than GDP Of Netherlands, Switzerland Or UAE
By Benzinga
Bitcoin (CRYPTO: BTC) has made a comeback, soaring past the $52,000 mark in early morning trading sessions.
What Happened: This surge comes despite a brief setback attributed to a concerning inflation report from the United States. Current figures from CoinGecko show Bitcoin trading at $52,243, marking a 1.36% increase over the last 24 hours.
For the first time since December 2021, Bitcoin’s market capitalization has reached $1 trillion.
The rise in Bitcoin’s performance comes as the newly launched spot Bitcoin ETFs, which have been operational for one month. These funds have experienced net flows exceeding $3 billion, a feat not traditionally observed within the first month after an ETF’s debut.
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Why It Matters: To put Bitcoin’s market capitalization into perspective, it currently exceeds the total GDP of several countries, including the Netherlands at $991 billion, Switzerland at $808 billion, Israel at $522 billion, and the United Arab Emirates at $508 billion, data from World Bank shows.
This market cap achievement also positions Bitcoin among the titans of the corporate world, surpassing industry juggernauts like Berkshire Hathaway, which stands at a valuation of $865.24 billion. Other notable companies that Bitcoin has outshined include Eli Lilly with a market cap of $718.91 billion, Tesla at $601 billion, Broadcom with $590.89 billion, Visa at $570.12 billion, and JPMorgan Chase totaling $506.38 billion.
The rally added $1,000 to the price of Bitcoin in just one hour, contributing to the overall cryptocurrency market capitalization’s approach toward the $2 trillion mark. Notably, Bitcoin itself surpassed a market cap of $1 trillion during this surge.
Price Action: At the time of writing, Bitcoin was trading at $52,368, up 5.12% over the past 24 hours, as reported by Benzinga Pro.
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Image by Leonid studio on Shutterstock
