Bitcoin has now surpassed oil behemoth Saudi Aramco by market capitalization.
Earlier today, the price of the leading cryptocurrency surged to a new record high of $93,477, according to CoinGecko data.
As reported by U.Today, Bitcoin surpassed silver earlier this week after recording the biggest daily gain in history.
Nvidia, Apple, and Microsoft are the most valuable individual companies. They are followed by Amazon and Alphabet. For Bitcoin to surpass Alphabet, its price would need to surge to roughly $107,000. The cryptocurrency will be able to flip Alphabet. In order to surpass Apple, the price of the leading cryptocurrency would have to skyrocket to nearly $170,000.
Alex DovbnyaWill Bitcoin surpass gold?
Gold remains the most valuable asset by a huge margin with an impressive market cap of $17.4 trillion.
Earlier today, Galaxy Digital CEO Mike Novogratz predicted that Bitcoin might end up surpassing gold over the next ten years.
Novogratz, who himself is a gold holder, believes that the yellow metal is not appealing to younger generations. This is a rather common sentiment among those market analysts who believe that Bitcoin is chipping away at gold's market share.
Blocksteam CEO Adam Back appears to be convinced that gold will be able to surpass the largest cryptocurrency during the ongoing cycle. This implies that the price of the top cryptocurrency would need to surge to as high as $850,000 if the gold price remains around the same.
Meanwhile, Bitcoin ETFs are inching closer to surpassing gold ETFs in terms of total assets. These products have now surpassed a staggering $90 billion in total assets.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team