Bitcoin and Tesla have both overtaken Facebook when ranked by market cap, according to metrics platform Asset Dash today.
At the time of writing, is ranked 7 with a market cap of just above $770 billion and is followed closely by Facebook (roughly $767 billion).
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.
— Documenting Bitcoin (@DocumentBitcoin) January 8, 2021
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
— Erik Voorhees (@ErikVoorhees) January 7, 2021
“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.