Bitcoin's Market Cap Surpasses $800 Billion, Outshines Berkshire Hathaway
Summary:
Bitcoin's market cap exceeds $800 billion for the first time, surpassing Berkshire Hathaway's market value. As Bitcoin surged past $40,000 recently, its market cap also soared, making it the 10th largest asset by market cap. Despite a slight drop, Berkshire Hathaway has shown a rise this year. Bitcoin's volatility has also been significantly high, with a 150% increase year-to-date. This surge could potentially mark Bitcoin's second instance of reaching a $1 trillion market cap.
Bitcoin, the pioneering digital currency, is gaining traction against worldwide large-scale stocks, and its market value has surpassed that of the US-based conglomerate, Berkshire Hathaway. The market capitalization of Bitcoin crossed the $800 billion threshold on the 4th of December after it surpassed the market value of Warren Buffet's conglomerate on the 3rd of December. Bitcoin's notable surge beyond $40,000 during the past weekend led its market capitalization to exceed $780 billion, slightly topping Berkshire Hathaway's market capitalization of $779 billion as of market closure on December 1st (based on the class A shares of Berkshire Hathaway, BRK.A). Recently, BRK.A has experienced a minor decrease, shedding approximately 1.3% over the previous five days. Despite this drop, Berkshire Hathaway has seen an overall rise of 4.7% in the past 30 days and 14.7% since the beginning of the year. The volatility levels witnessed in Bitcoin surpass those of BRK.A significantly, with Bitcoin having risen 20% over the past month and nearly 150% year to date, as per data from CoinGecko. The digital currency recently hit several highs surpassing $41,000 on December 4th for the first time since April 2022. As of this moment, the market capitalization of Bitcoin is approximately $811 billion, or 4% more than that of Berkshire Hathaway, a multinational holding company established in 1839, with headquarters in Omaha, Nebraska, United States. Berkshire's primary business operation involves insurance, allowing it to build an extensive portfolio of investments in other businesses, such as Bank of America and Apple. Reacting to the report on X (previously known as Twitter), cryptocurrency lawyer John Deaton remarked, "That's a pretty damn big bottle of rat poison," in reference to Berkshire Hathaway CEO Buffett's infamous declamation in 2018, referring to Bitcoin as "rat poison squared." Data from CompaniesMarketCap indicate that Bitcoin now holds the tenth position among the largest assets by market cap, right behind Meta Platforms (formerly Facebook) and Nvidia, whose market values currently stand at $834 billion and $1.2 trillion respectively. Now, with Bitcoin's market cap crossing $800 billion, it is only 38% away from its historical peak of $69,000 set in November 2021. This bullish trend might lead to the second instance in Bitcoin's history where its market capitalization crosses $1 trillion. Bitcoin previously achieved this feat in February 2021 when its price was at $53,700.
Published At
12/4/2023 8:26:21 AM
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