The recent bullish trend in Bitcoin’s price has led to a significant upturn in its market capitalization, which now stands at approximately $675 billion. This price ascent, marked by a 20% gain in just five days, has hoisted Bitcoin’s price to just below $35,000.
This surge has resulted in Bitcoin leapfrogging Tesla to secure its position as the 11th largest asset by market capitalization. Over the course of the previous month, Tesla’s value has depreciated by 13%, whereas Bitcoin has witnessed an appreciation of 30%.
Bitcoin now has notorious Bitcoin bear Warren Buffet’s company Berkshire Hathaway squarely within its sights, trailing by approximately $60 billion. Buffet famously called Bitcoin “probably rat poison squared” in 2018.
This development highlights the growing influence of Bitcoin and, by extension, the broader cryptocurrency market on the global financial stage.
As this trend continues to gain momentum, it will be intriguing to observe how this interplay between Bitcoin and traditional financial assets unfolds and which asset class enjoys the upper hand.