Quick Take
Over the past weekend, Bitcoin achieved a significant financial milestone, reaching a new year-to-date high of $41,700.
This surge propelled Bitcoin into the top ten assets by market cap globally, a testament to the digital assets growing influence in the financial sphere. With a market capitalization of $813 billion, Bitcoin managed to surpass Berkshire Hathaway and even Tesla, the first of the so-called “magnificent seven” tech stocks.
In a telling sign of the times, Meta, formerly known as Facebook, is now in ninth place with a market cap of $834 billion. The remaining stocks and commodities that have a higher market cap than Meta are in the trillion-dollar club.
In the precious metals market, Gold marked the start of its trading day with a record peak, nearly touching the $2,150 mark. However, it subsequently pulled back to $2,068. Year-to-date, Gold has appreciated by 12%. In stark contrast, Bitcoin has shown a much more dramatic surge with a year-to-date increase of 150%. This highlights a growing divergence in the performance of traditional and digital assets.
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