Quick Take
Bitcoin has staked its claim as the 13th largest asset by market cap, evaluated at $555 billion. This places it snugly between Visa, the 14th largest asset with a market capitalization of $499 billion, and Eli Lilly, standing at 12th with a market cap of $585 billion. Notably, yesterday, on Oct. 16, Bitcoin’s market cap briefly spiked to $572 billion.
In comparison with Silver, whose market cap currently stands at $1.284 trillion, making it the seventh-largest asset, Bitcoin’s market cap is approximately 45% of Silver. This comparison substantiates the growing financial weight of Bitcoin in the global asset arena.
Furthermore, the insight into Bitcoin’s dominance within the cryptocurrency market is noteworthy. Currently hovering just below 52%, almost tying its year-to-date high, the Bitcoin dominance percentage validates its continued strength in the crypto market. Intriguingly, this dominance level mirrors that seen in late June, despite Bitcoin’s price being a few thousand dollars less now.
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