Bitcoin becomes the 8th largest asset in the world

With a capitalization of more than 1,400 billion USD, Bitcoin surpassed silver to become the 8th largest asset in the world, and liquidity also reached a record level.

Bitcoin continues to climb the ranks of the top assets by market capitalization. With a 4% increase to an all-time high of over $72,000 yesterday, Bitcoin’s valuation has increased to $1.4 trillion, surpassing silver’s $1.387 trillion, making it the eighth most valuable asset in the world, according to CompaniesMarketCap.

Since yesterday, the world's largest cryptocurrency has mostly been trading around its peak, at times reaching more than $72,850 per coin. This morning, the total market capitalization of Bitcoin reached more than $1,420 billion, while silver was around $1,390 billion.

During this record-breaking rally, Bitcoin has surpassed the market capitalization of Meta (Facebook’s parent company), which currently stands at $1.29 trillion. The cryptocurrency is on track to surpass the market capitalization of Alphabet (Google’s parent company), which is currently valued at around $1.688 trillion.

“The strong price movement continues to be driven by the positive momentum of Bitcoin ETFs,” Matteo Greco, research analyst at Fineqia Capital, told CoinDesk .

Additionally, yesterday, the London Stock Exchange (LSE) decided to accept applications for Bitcoin and Ether exchange-traded notes (ETNs). The product is expected to be officially launched in the second quarter. ETNs are debt securities whose value is guaranteed by the issuer, not the asset they represent. ETNs are similar to bonds but do not pay interest and their market prices fluctuate like stocks.

Not only did Bitcoin set a record for capitalization, it also set a new record for liquidity. From a normal level of less than $20 billion per day, the total transaction value of this cryptocurrency has exceeded that level in the past half month. The record on March 5 - the time of breaking the old price peak - the liquidity of this currency reached more than $102.8 billion.

In South Korea alone, trading volume on cryptocurrency exchanges based there hit a record 11.8 trillion won on March 11, equivalent to $9 billion. This figure is higher than the liquidity on the Korea Stock Exchange last weekend, which was 11.47 trillion won, equivalent to $8.7 billion.

Ki Young Ju, founder of online service provider CryptoQuant, said South Koreans favor high-risk, high-return investments amid a growing wealth gap, but noted that smaller-cap altcoins are gaining popularity over popular coins like Bitcoin and Ether.

Not only direct buying and selling transactions, money pouring into cryptocurrencies has also jumped through investment funds. According to digital asset management company CoinShares, capital flows into funds reached a record $2.7 billion, bringing the total capital to $10.3 billion as of the end of yesterday.

Almost all of that money flowed into Bitcoin, which accounted for $2.6 billion. Last week, U.S.-based Bitcoin spot ETFs also continued to add thousands of units per day, along with the massive price surge. CoinShares said that this inflow so far this year represents 14% of Bitcoin assets under management.

Little Gu

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