Bitcoin has had an incredible in the past few years. Last month the crypto asset crossed $111,000 and was briefly the fifth largest asset in the world. Currently Bitcoin is trading at $104,171. This put Bitcoin as the seventh largest asset globally as shown in the table below. Gold is the number asset at over $22 Trillion. Tech giants Microsoft(MSFT), Apple(AAPL), Nvidia(NVDA), Amazon(AMZN) and Alphabet (GOOGL) are ahead of Bitcoin.
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Source: Companies Market Cap, Hat Tip Charles-Henry Monchau at Syz Group
Bitcoin price return year-to-date:
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Bitcoin price 5-Year Return:
Bitcoin’s return of over 977% in the past 5 years is astonishing indeed !
Source: Google Finance
Disclosure: No positions
However, vast quantities of it have been irretrievably lost. There’s a very high concentration of it owned by a small number of crpyto whales. That means they can’t sell without the price falling dramatically.
Also Satoshi has / had a 1.1m hoard. The blockchain show’s that this hoard has never been touched. As soon as it is, the price again would plummet.
So BTC ‘market cap’ comes with some big caveats.