Bitcoin (BTC) has surpassed leading social media platform Facebook in value by market capitalization.
A Tweet from Binance CEO Changpeng Zhao (CZ) earlier on Saturday morning brought this to his followers’ attention. The Tweet links to data that shows that BTC, already the world’s most valuable cryptocurrency by market cap, now ranks 6th in the world for all companies. With a market cap of over $1.1 trillion as of April 17th, BTC beats out Facebook’s $869 billion. It now only ranks below Apple, Microsoft, Amazon, and Google.
CZ revealed in an interview earlier this month that almost 100% of his net worth, nearly $2 billion, is invested in cryptocurrency.
Is it all good for BTC?
BTC has been reaching for new all-time highs all week this week. A trend that began as the cryptocurrency rose above the $60,000 mark. Attempts from the previous weekend and even on Monday were hindered by a resistance area. Not for long, however — it smashed through on Wednesday to hit a new ATH of $64,854.
This may sound all well and good, but in some parts of the world, it is not looking so positive for BTC. For example, in Turkey. It was reported on Friday that the Central Bank of Turkey has enacted a ban on cryptocurrency payments. A ban that some are speculating to be the cause in a price drop in BTC and Ether (ETH). Following the news of the ban, BTC fell by 4.6%.
Other crypto market cap milestones
It’s not all about BTC. It has been an eventful week for altcoins and exchange platforms as well, in terms of gains and market caps.
The meme-inspired cryptocurrency Dogecoin (DOGE), for example, soared in value this week in a series of all-time highs. It shattered previous records, rising a total of 330% between Apr 9 and 16, with an ATH of $0.48. Helped along by a Tweet from Tesla CEO Elon Musk that went out on Thursday. All this has placed DOGE in the Top 10 crypto assets by market cap. Currently in 8th place as of April 17th, DOGE’s market cap is at the $38 billion mark.
Not an inconsiderable way ahead at $63 billion market cap is Coinbase. The cryptocurrency trading platform made its debut on the stock market this week. It closed its first day of trading at $328, over 30% more than the IPO’s reference price, following that with $323 on the second day.