Recently, the financial world has once again turned its attention to Bitcoin (BTC), the world's largest cryptocurrency, which has shown significant growth. This surge has enabled Bitcoin to surpass companies like Tesla and Eli Lilly in market capitalization, indicating potential shifts in the financial landscape.
According to the latest data, Bitcoin's market capitalization stands at $677.23 billion, overtaking Tesla's $675.26 billion and pharmaceutical company Eli Lilly's $556.72 billion. Additionally, Bitcoin has also exceeded the market cap of financial giant Visa ($489 billion), semiconductor manufacturer TSMC ($454.53 billion), medical company Novo Nordisk ($439.25 billion), retail chain Walmart ($438.07 billion), and banking giant JPMorgan Chase ($405.89 billion).
From October 20 to 27, 2023, the value of Bitcoin increased by 16%, from $29,682 to $34,150, underscoring its role as a significant player in the global economy. The rise in Bitcoin's value is partly due to growing interest in spot exchange-traded funds (ETFs), especially following the inclusion of a Bitcoin ETF by the world's leading asset manager BlackRock in its list managed by the Nasdaq-affiliated Depository Trust and Clearing Corp clearinghouse.
This growth also reflects investors' drive for diversification amid uncertainties exacerbated by rising inflation and increasing interest rates. Bitcoin, often termed "digital gold," offers an opportunity for portfolio expansion and is viewed by many as a mature market asset with a limited supply of 21 million units and consistent decentralization. These factors make it an attractive option for investors seeking protection from market volatility and inflation.
Overall, the dynamics of Bitcoin's market capitalization not only highlight its growing influence in the financial world but also open new prospects for cryptocurrencies in general, potentially leading to significant changes in the structure of the global financial market in the future.