Bitcoin (BTC), the original cryptocurrency, is gaining momentum versus global big-cap stocks as it overtakes the market value of American conglomerate holding company Berkshire Hathaway. BTC market cap has risen above $800 billion on Dec. 4, after nudging past billionaire investor Warren Buffet’s company on Dec. 3.
BTC market cap has risen above $800 billion on Dec. 4, after nudging past billionaire investor Warren Buffet’s company on Dec. 3.
As Bitcoin surged past $40,000 over the weekend, the market capitalization of the cryptocurrency rose to above $780 billion, just beating Berkshire Hathaway’s $779 billion on Dec. 3.
Berkshire Hathaway’s class A (BRK.A) stock closed the market at $542 on Dec. 1, with a market capitalization of $779 billion, according to data from TradingView. The stock has seen a slight decline recently, slipping around 1.3% over the past five days. Despite the recent drop, Berkshire Hathaway is still up 4.7% over the past 30 days and 14.7% year to date (YTD).
The volatility of BRK.A is nowhere near that of Bitcoin, which surged 20% over the past month and almost 150% YTD, according to data from CoinGecko. The cryptocurrency has been steadily hitting multi-month highs recently, surpassing $41,000 on Dec. 4 for the first time since April 2022.
At the time of writing, Bitcoin’s market cap amounts to $811 billion, or 4% higher than the market value of Berkshire Hathaway. Founded in 1839, Berkshire Hathaway is a multinational conglomerate holding firm headquartered in Omaha, Nebraska, the United States. Berkshire’s main business is insurance, from which it invests in a big portfolio of companies, including Bank of America and Apple.
Cryptocurrency lawyer John Deaton took to X (formerly Twitter) to comment on the news. “That’s a pretty damn big bottle of rat poison,” Deaton wrote, referring to the words of Berkshire Hathaway CEO Warren Buffett, who famously called Bitcoin “rat poison squared” in 2018.
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According to data from CompaniesMarketCap, Bitcoin is now the 10th biggest asset by market cap, following Meta Platforms (formerly Facebook) and Nvidia, whose market value currently stands at $834 billion and $1.2 trillion, respectively.
Top assets by market cap. Source: CompaniesMarketCap
With Bitcoin’s market cap surging past $800 billion, the cryptocurrency is now 38% short of its all-time high market value posted in November 2021, when BTC price was closing $69,000.
The current bullish action could mark the second time in the history of Bitcoin when its market capitalization would reach $1 trillion. Bitcoin previously broke a $1 trillion market cap in February 2021 at $53,700.
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Source: https://cointelegraph.com/news/btc-market-cap-passes-berkshire-hathaway
