When Bitcoin appeared in the world, probably not many people were convinced of what it represented, or if it would have any future. So that you can see that you should never say never, and that things change at a faster pace every day, we want to tell you what recently happened with the market capitalization of this cryptocurrency. Recently, Bitcoin achieved another big milestone by surpassing Facebook in market capitalization with over $930,997,463,237 at the time of writing, according to Asset Dash.
Even though Bitcoin has had some price hiccups earlier this year, the cryptocurrency continues to rise.
Last year, Bitcoin was up more than 360%, compared to Facebook, which was only up 22%. Facebook is just the next giant to surpass Bitcoin, before trying to become the most valuable asset in the world. Note that the comparison here is between Facebook, the publicly traded company, and Bitcoin, the monetary asset, and the distributed network.
Comparison of the value of Bitcoin and Facebook in different spheres
Bitcoin was the best performing asset of the last decade, making BTC potentially the best performing asset of these times.
Ranking BTC against major stocks, it is clear that Bitcoin is slowly climbing its way to the top of the list. With Bitcoin overtaking Facebook, that now puts it in sixth place, just behind Amazon. The next hurdles after that will be in order: Google, Saudi Aramco, Microsoft, then Apple.
What is expected of BTC in the short or medium term?
As we move into the fourth quarter of this year, Bitcoin is poised to grow higher than it is today.
Some experts note that Bitcoin generally tends to do well in the fourth quarter of the year, or at least it has in previous years. The fourth quarter of 2020 was the beginning of this current bull run that we find ourselves in today. Many predict an even greater advantage in this fourth quarter due to many circumstances, such as the expansion of the money supply by central banks, or El Salvador making it legal tender, etc.
Likewise, the Bitcoin whales during the last few weeks have had a predominantly accumulating trend. If you want to know more details about it, you can review our previous reports . But ultimately, what will happen in the fourth quarter of 2021 is anyone’s guess right now, and almost anything can happen.
Investor Mike Novogratz says that the Bitcoin market is evolving in a positive way
Galaxy Digital CEO Mike Novogratz commented via Twitter on his cryptocurrency market forecast. And about the situation of repression in China against cryptocurrencies. Thus explaining that the Bitcoin market is evolving.
In this way, he explained that the cryptocurrency market is down for three reasons. The first reason is China, due to its anti-cryptocurrency and anti-free market stance. The second reason is the United States Federal Reserve, due to its fine-tuning strategy and injection of money into the economy, to deal with the global pandemic. And the third reason is the great level of general resistance that Bitcoin and Ethereum have had. Novogratz noted that he believes Bitcoin and Ethereum will strengthen.
Novogratz continues to bet on the evolving Bitcoin market
In addition, Novogratz, who is a billionaire CEO, believes that the Bitcoin market is evolving in a positive way. Also, in an interview last week with CNBC, he explained that the resistance level of $40,000 for Bitcoin and $2,800 for Ethereum are very important levels for interest to continue to grow, and for people to watch. . In turn, he commented that «As long as the price is maintained, I think the market will strengthen positively over time.»
Novogratz further added: «I have seen nothing but investment from our investor clients and our corporate clients.»
“We see large amounts of capital entering the market, privately and publicly. I am not nervous with the current price resistance.” He finished.
Now, it is important to know that at the time of writing this article, the price of Bitcoin stands at $43,002. And the price of Ethereum at $2,990. This according to CoinMarketCap.
China and its regulatory policies against cryptocurrencies
Thus, he explained that Bitcoin “was much more important five months ago. This, before China basically said we’re banning crypto so miners have moved out of China.»
“China was never a big source of innovation in the cryptocurrency space, but it was a big market source and I think there is still a lot of trade in China. The Chinese are smart, they know how to use VPNs, but it’s getting harder and harder to break through state barriers.» He also concluded within the framework of his support for cryptocurrencies.
It is worth noting that China recently declared all cryptocurrency transactions illegal. The country’s regulatory institutions joined in an effort to block the use of digital assets. This announcement hurt the price of Bitcoin and the rest of cryptocurrencies.
Through an official statement by the country’s main banking institution, the People’s Bank of China, said that transactions with cryptocurrencies «affect and alter the economic and financial order of the nation.»
This announcement marks the first time that the central bank, Beijing-based foreign exchange financial regulators have come together to explicitly ban and deal with digital currency transactions.
However, the People’s Bank of China is in the process of developing its own digital currency, the «digital yuan», which the government will be able to control.