Recently, Bitcoin surpassed Alphabet, the tech giant behind Google, by market cap.
The leading cryptocurrency is currently on the verge of surpassing Amazon as well.
As reported by U.Today, Bitcoin recently reached a local peak of $110,587 on the Bitstamp exchange.
Microsoft is currently the most valuable company with a market cap of nearly $3.5 trillion. The tech giant has managed to reclaim the top spot due to its focus on artificial intelligence (AI).
Nvidia, which is another popular pick for AI-focused investors, is just behind Microsoft with a market cap of $3.47 trillion.
Apple, which used to be the most valuable company in the world, is currently in third place with a market cap of $3 trillion.
Is Bitcoin undervalued?
Prominent cryptocurrency trader Bob Loukas believes that Bitcoin is actually undervalued at current prices.
The $2.1 trillion market cap is too low for the asset that has captured "so much global admiration and mindshare," according to Loukas.
Could Bitcoin overtake gold?
Gold remains the most valuable asset with a market cap of a whopping $22.6 trillion.
As reported by U.Today, Fidelity recently predicted that Bitcoin could potentially surpass gold by market cap in the long run.
Galaxy CEO Mike Novogratz, one of the most famous crypto investors, is convinced that this could happen within the next five years.
Some Bitcoin advocates are even more optimistic, with Blockstream CEO Adam Back predicting that Bitcoin could end up eclipsing its lustrous competitor during the current bullish cycle. So far, however, such a scenario seems to be extremely far-fetched.
U.Today Editorial Team
Dan Burgin
