Bitcoin Returns to Top 10 Global Assets by Market Cap After Soaring to $75K

Bitcoin has made a significant comeback, breaking its previous all-time high and soaring past $75,000, which has allowed it to reclaim a position among the top 10 global assets by market capitalization.

Market Impact from Political Events

The recent surge in Bitcoin's price can be attributed to the heightened political climate, particularly with Donald Trump’s increasing chances of winning the U.S. presidential elections. This has led to substantial rallies across the cryptocurrency market.

Current Market Position

At its peak, Bitcoin's market capitalization reached approximately $1.5 trillion. Although its price has slightly retraced to around $74,500, it remains firmly in the 9th spot among global assets, ahead of major companies like Meta Platforms (10th), Berkshire Hathaway (12th), and Tesla (14th).

Comparison with Other Assets

Gold continues to lead the market with a staggering market cap of over $18 trillion, even as its price has dipped by 1.1%. Following gold are NVIDIA at $3.4 trillion, Apple at $3.377 trillion, Microsoft at $3.06 trillion, Amazon at $2.1 trillion, and Alphabet at $2.08 trillion. Bitcoin is now targeting the market caps of Saudi Aramco ($1.775 trillion) and silver ($1.784 trillion), which has also seen a decline of over 3%.

Ethereum's Performance

Ethereum (ETH), the second-largest cryptocurrency, has also benefited from the bullish sentiment, gaining approximately 7% recently. Its price is close to $2,600, giving it a market cap of over $310 billion, placing it at 34th among global assets.