Bitcoin and Tesla have both overtaken Facebook when ranked by market cap, according to metrics platform Asset Dash today.
At the time of writing, Bitcoin is ranked 7 with a market cap of just above $770 billion and is followed closely by Facebook (roughly $767 billion).
Bitcoin and Tesla left Facebook behind. Image: Asset Dash
Market capitalization is the total dollar value of a firm’s stocks, calculated by multiplying the total number of its outstanding shares by the current market price of each share. For cryptocurrencies, it similarly refers to the total number of coins in circulation multiplied by the current market price of each coin.
As Decrypt reported, the total market cap of all cryptocurrencies has broken above $1 trillion among the ongoing price rally. So far, Bitcoin and Ethereum are the only two cryptos that are ranked in the top 100 largest assets in the world.
#Bitcoin is now worth more than Facebook. Carpe diem.
However, Erik Voorhees, CEO of self-custody crypto platform ShapeShift, argued that cryptocurrencies’ road to their second trillion won’t take another 10 years. A lot less, in fact.
“Crypto Market Cap: $1 Trillion. Took ten years. It will take less than six months to get to $2 Trillion,” Voorhees wrote.
But Bitcoin’s fight to break into the top 5 will be a challenge, with market caps in the range of trillions of dollars. For it to overtake Apple, it would need a price of $116,000—a lofty goal.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
The Full Federal Court of Australia ruled in favor of crypto lender Block Earner on Tuesday, overturning previous findings that its discontinued "Earner" product constituted a regulated financial product requiring licensing.
An appeal from the Australian Securities and Investments Commission (ASIC) to impose penalties on Block Earner was dismissed, with the regulator ordered to pay full legal costs, including those incurred from the original trial.
With the ruling, the court has completely overt...
Circle, the company behind the USDC stablecoin, has unveiled an infrastructure platform aimed at modernizing cross-border payments by allowing banks and financial institutions to move money instantly, 24/7, using fully reserved digital dollars (USDC) and euros (EURC).
The Circle Payments Network (CPN) will allow banks and financial providers to send money instantly, 24/7, using stablecoins like USDC and EURC. It is designed to support invoice payments, remittances, treasury services, payroll, an...
Publicly traded company Upexi plans to create a Solana corporate treasury, using more than $90 million worth of newly raised funds. The Monday announcement sent Upexi shares skyrocketing, more than quadrupling in price as a result.
The Nasdaq-listed consumer products firm, which has been diversifying into the crypto space, raised $100 million in its latest funding round, the company said Monday in a press release. Roughly 95% of those funds are earmarked for establishing, filling and operating a...