The Parabolic Bitcoin Market Cap Surpassed Facebook’s Valuation

The parabolic Bitcoin market cap saw BTC surpassing Facebook’s valuation, as now the market cap of bitcoin is worth over $760 billion so let’s read more in our latest Bitcoin news.

The Gemini exchange co-founder Cameron Winklevoss pointed out that BTC is above Facebook in terms of valuation. The market cap of the cryptocurrency comes from multiplying the price by the number of circulating tokens supply. However, given the volatile nature of BTC, it will be interesting to see if it is able to maintain it or even possibly build on this accomplishment in the upcoming days and weeks.

#Bitcoin has surpassed Facebook $FB in market cap. Makes sense that a money network would be more valuable than a social network. pic.twitter.com/XofI9W0Mce

— Cameron Winklevoss (@cameron) January 8, 2021

At the same time, BTC became the ninth most valuable asset in the world which was many observers taken aback and shocked because of its strong price performance in recent weeks. Commenting on this matter, Nathaniel Whittemore who hosts the Breakdown Podcast said:

 “A Rubicon has been crossed with entirely new categories of institutions and corporate buyers; the retail fear-of-missing-out cycle is starting again; and this is all coming into a macro environment featuring significant tailwinds in the form of growing inflation expectations.”

Even though there are no signs of reverting back from the “rubicon” the opinion is split whether BTC is able to sustain the strong bull run. In just two weeks, Bitcoin’s market cap was around $450 billion which made the coin the 17^th most valuable asset in the world. But since then, parabolic moves from the leading cryptocurrency saw it increase in value. In this process, Bitcoin surpassed the valuation of Samsung, Visa, and Buffett’s Berkshire Hathaway. Today’s surpassing of Facebook is a real coup for BTC and how the holders are even more bullish in what lies ahead for bitcoin this year.

The parabolic bitcoin market cap is soon to surpass the one of Tesla which is $40 billion away which means that the price of BTC will have to hit $43.300 in order to so. Considering the latest price action and where the price is at, achieving this level it realistic for Bitcoin’s capabilities. The disbelief however around these insane gains has analysts divided on whether BTC can keep things going. Peter Schiff chimed in on the situation by calling BTC an absurd bubble:

 “Investors say foolish things during bubbles. To maintain their delusion and deny a bubble exists, those trapped inside must not only justify an asset’s price but rationalize why it’s going much higher. But never has the bubble blabber been more absurd than it is with #Bitcoin.”