Bitcoin Eclipses Facebook in Market Capitalization
The last several days have been difficult for Facebook. Mark Zuckerberg’s personal fortune was cut by almost $7 billion when the social networking platform, as well as WhatsApp and Instagram, went offline for several hours.
And if that was not enough, the platform has been surpassed by Bitcoin as the sixth most valuable asset. Bitcoin, which has become virtually synonymous with crypto, has surpassed Facebook with regards to market capitalization.
As per Asset Dash, Facebook has dropped to seventh place due to Bitcoin’s spectacular 360% increase in asset prices over the past year. During the same time span, Facebook only increased by 22%. Bitcoin prices are still not at their all-time peak, which was $64,000 in mid-April 2021.
Nevertheless, its current market capitalization places it above major names like Tesla and JP Morgan, according to the ranking. The increase in Bitcoin prices followed a period of inactivity induced by China’s decision to prohibit cryptocurrencies, as well as regulatory difficulties and tax reporting obligations in other nations.
Nevertheless, the Swiss government’s approval of the country’s initial bit coin investment fund has aided cryptocurrency’s growth. And Bitcoin has a track record of outperformance.The numero uno crypto was one of the most profitable investments over the past decade.
So, by dethroning Facebook in 2021, Bitcoin seems to be on the right track for this decade too. On the contrary, Facebook’s stock dropped 5% last Monday after three of the company’s applications were down for more than six hours.
Amazon, Google, Saudi Aramco, Microsoft, and Apple are the top on the Asset Dash list, followed by Bitcoin. Apple has a market capitalization of $2.348 trillion as of 3.30 p.m. on October 8, 2021. While Bitcoin has a market capitalization of $1.022 trillion, Facebook has a market cap of $953.0 billion.