Bitcoin has risen above Facebook’s parent company Meta to become the world’s ninth most valuable asset by market cap.
Meta has experienced a disastrous aftermath to its Q4 earnings report over the last few days with a shares sell-off that saw some 25 per cent knocked off its value.
The downward movement means BTC’s market cap of $784bn currently outstrips Meta’s $677bn. Bitcoin has also risen above American multinational Berkshire Hathaway on $705bn, but is still some way off catching Tesla in eighth position with a market cap of $943bn.
Gold remains the undisputed number one asset at $11.4tn, with Apple in second place on $2.8tn.
Bitcoin had slipped off the top ten leader board with a poor performance across December and January. The flagship cryptocurrency was barely clinging above $40,000 and tumbled to $32,933 by January 24.
However, cryptocurrency markets across the board enjoyed a massive uplift on Friday. BTC leapt from $37,324 to close the day at $41,613 – a figure it hasn’t wandered too far north or south of since.
The world’s second-most popular cryptocurrency – Ethereum – also rose from its $2,600 range to spend much of the weekend hanging off $3,000.
Gold’s value is obtained by taking the current price – $1,809 per ounce – and multiplying it by the world’s known ‘above ground’ reserves. These global reserves are estimated to be somewhere in the region of 196,500 metric tonnes.
