Bitcoin market cap approaching $2 trillion, targeting Amazon and Alphabet

Bitcoin’s market capitalization hit an all-time high of $1.93 trillion on Thursday, November 21, when the asset hit an all-time high of $97,850.

That means its market capitalization is now larger than the world’s sixth-largest company, Saudi Aramco, and just $230 billion behind e-commerce giant Amazon.

The company, also known as Saudi Arabian Oil Group, is a majority state-owned oil and natural gas company and the national oil company of Saudi Arabia.

Bitcoin price is close to $100,000, market cap is close to $2 trillion. If Bitcoin were a company, it would be the sixth largest in the world, just behind Amazon and just ahead of Aramco. pic.twitter.com/KdjfiSXyYS

— David Ingles (@DavidInglesTV) November 21, 2024

Market Cap Madness

Bitcoin now has about 11% of the market capitalization of gold, which is worth $17.68 trillion, according to Companiesmarketcap. It is also more than half the size of the world’s largest company, Nvidia, which has a market cap of $3.6 trillion and is 10% larger than the entire market cap of silver.

The big 6% price bomb has been catalyzed by Donald Trump’s team holding discussions on whether to create a White House publication dedicated to cryptocurrency policy, according to Bloomberg.

Market analyst Tony Sycamore told the outlet that “buyers are strangling sellers” before adding: “While I’m not sure everything will be fine as it approaches $100,000, demand seems insatiable.”

On November 21st, Bitwise CEO Hunter Horsley commented: “The biggest wealth transfer program in the world right now is not a tax or welfare program, it’s Bitcoin.”

“As Bitcoin succeeds, a large class of people with different worldviews and values ​​will have more and more resources to express those views. This is a less obvious, but significant, way that Bitcoin is changing the world.”

Bitcoin aggregator MicroStrategy also announced plans to accelerate asset purchases. Also, the debut of options on local US Bitcoin ETFs has fueled momentum this week.

BTC Dominance Increase

BTC’s market share has risen to 61.8% as a result of the current price bomb and that means altcoins are suffering.

Ethereum, with a market cap of $377 billion, roughly the same size as Netflix, has borne the brunt of this pain, failing to break above $3,100 in the past week as FUD returns.

ETH has only 11% of the crypto market share, stablecoins have 5.7% and the rest of the altcoins are only small in terms of market caps.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!