Gold’s market value has skyrocketed to more than $30 trillion for the first time in history, making it the largest asset by market cap to date. Can Bitcoin catch up?
Summary
- Gold’s market cap has surpassed $30 trillion for the first time in history as spot prices reached $4,369, reinforcing its dominance as the world’s largest asset.
- Meanwhile, Bitcoin’s market cap has dropped to $2.15 trillion after losing over $200 billion this week, widening the gap between the two assets.
According to data from Companies Market Cap, gold has surged by 1.49% in the past 24 hours. It is currently trading at $4,369 following the rise. This month, the precious metal asset surpassed the $30 trillion market cap threshold for the first time in history. At the time, spot prices were still standing at $4,280.
At press time, gold remains the largest asset by market cap. In fact, its market value far outweighs the other four assets in the top five by a significant margin. NVIDIA stands in second place with a market cap of $4.4 trillion, followed by Microsoft with $3.8 trillion and Apple with $3.6 trillion.
Meanwhile, its metal counterpart, silver, is still below the top five with a market cap of $2.9 trillion.
Ranking in eighth place is Bitcoin (BTC), which has lost billions in market cap following a series of market crashes in crypto following the $19 billion liquidation wipeout of October 10. As of Oct. 17, Bitcoin’s market cap stands at $2.15 trillion, having lost about $200 billion to $230 billion this week alone.
There was a time when Bitcoin was hitting record-highs consecutive
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Author: Trisha Husada
