Market Cap of Bitcoin Eclipses Warren Buffet’s Berkshire Hathaway
In addition to record high price, Bitcoin (BTC) is also seeing the largest trading volume since the beginning of 2018 as data reflects the entry of increasing number of investors into the crypto market.
Figures posted by on-chain analytics data provider Digital Assets Data indicates that December 2020 as the month to record Bitcoin’s second-highest trading volumes.
With about 12 hours to go in December, Bitcoin (BTC) already has recorded an aggregate transaction volume of $252.37 billion. We might see the total value of transaction volume inch closer to ever high level recorded in December 2017.
Other measures, for example the ticket size of unprocessed trades in mempool of Bitcoin network and transaction processing fees are also near their historicall high levels.
Interestingly, wallets holding both small and large balances are also increasing at never seen levels. Google Trends, in the meantime, is showing that worldwide search interest for the word “Bitcoin” has reached its highest level since February 2018.
Obviously, the unabated price rally of Bitcoin has been one of the key reasons for bitcoin to garner attention from mainstream media and other sources. At the time of writing this article, Bitcoin was trading at $29,077.72, reflecting a gain of 4.6% in the last 24 hours.
Bitcoin’s market cap is currently $540.45 billion, eclipsing the market cap of financial behemoth Berkshire Hathaway, founded by billionaire investor Warren Buffett. Interestingly, the Oracle of Omaha is a critic of Bitcoin and had likened it to “rat poison squared.”
#Bitcoin just surpassed Berkshire Hathaway in market capitalization.
How do you like the rat poison now, @WarrenBuffett?
— Vijay Boyapati (@real_vijay) December 31, 2020