Bitcoin’s frequent rise past all-time highs this week has made the size of the cryptocurrency larger than Mark Zuckerberg’s Facebook.
The price of Bitcoin broke another all-time high early Friday morning, reaching $41,970. At the time of writing, BTC stands at $41,147; its market cap is about $770 billion while Facebook’s market cap is approximately $752 billion.
Crypto Figureheads on Bitcoin’s Rise
Gemini cryptocurrency exchange’s founder Tyler Winklevoss commented:
— Tyler Winklevoss (@tyler) January 8, 2021
The Winklevoss twins have been major holders of bitcoin since April 2013 when they bought $11 million worth of BTC, an equivalent of a full 1% of all bitcoins at the time.
This came less than a decade after the twins sued Zuckerberg in 2004, claiming that the Facebook founder stole their idea for the social network platform while attending Harvard together. The twins won a $65 million settlement from that lawsuit and went on to found the Gemini cryptocurrency exchange.
Bitcoin developer and educator Jimmy Song wrote:
#Bitcoin just flippened Facebook.
— Jimmy Song (송재준) (@jimmysong) January 8, 2021
After flipping Warren Buffett’s Berkshire Hathaway last week, Bitcoin has risen in market capitalization above Jack Ma’s Alibaba Group Holding, Taiwan Semiconductor Manufacturing (TSMC), Tencent, and now Facebook.
The next company to flip is Elon Musk’s Tesla, which itself overtook Facebook on Thursday. Bitcoin actually surpassed Tesla’s market cap briefly on the same day before Tesla’s stock price took a leap in response to a prominent analyst lifting a bear call on the stock.
The rise in Tesla’s stock price also helped CEO Elon Musk become the world’s richest man, overtaking Amazon CEO Jeff Bezos.
Bitcoin Trending in 2020 into 2021
Market capitalization is the overall dollar amount of the stock of a company, determined by multiplying by the current market price of each share the total amount of the outstanding securities. Similarly, for cryptocurrencies, this applies to the total amount of coins in existence multiplied by each coin’s existing market price.
After Tesla, bitcoin stands to overtake Google, Amazon, Microsoft, and then Apple. In terms of asset classes, bitcoin is near overtaking silver but still has a way to go before overtaking gold.
Google trends data reveals that bitcoin site searches increased dramatically at the beginning of the month, reminding some market watchers in December 2017 of the simultaneous rise in the price of bitcoin and cryptocurrency searches. Bitcoin queries are far from where they were about two years ago, however.
For the first time on Thursday, the combined market cap of all cryptocurrencies reached $1 trillion, helped in no small part by the recent success of bitcoin. Bitcoin, which for the first time on Thursday has topped $40,000 a coin, is the most expensive crypto coin in the world, with a market value of over $700 billion.
Online investing sites, meanwhile, are experiencing a rise in sign-ups and trade rates. For instance, on Jan. 4, EToro had 61% more unique bitcoin holders than it did a year ago, and 49% more unique ether holders, another virtual currency.
Where do you see Bitcoin’s price at the end of 2021?