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With $842.77 bln market cap, Bitcoin is 10th largest asset

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Bitcoin ranks tenth among the most significant assets in the world as its market cap has reached over $842.77 bln, according to a recent analysis by BanklessTimes.com.

Bitcoin is now the most widely known cryptocurrency worldwide, with nearly 90% of respondents in the UK having heard of it.

Gold remains the world’s most significant asset, with a market cap of $13.9 trln.

It is followed by the leading tech stocks of Apple ($3 trln), Microsoft ($2.78 trln) and Google-parent Alphabet ($1.78 trln), with energy giant Saudi Aramco ranked fourth with $2.14 trln.

Bitcoin compound annual growth rate (CAGR) stands at an impressive 47% over the past ten years, showcasing a remarkable performance that dwarfs the growth rates of Gold and USD.

Taking over

“Bitcoin’s current rank is a true reflection of decentralised technologies taking over our financial systems. Looking back, Bitcoin has seen unprecedented growth over the years, and overcome so many setbacks,” said BanklessTimes financial analyst, Alice Leetham.

“With continual acceptance of crypto and the rising momentum on blockchain tech, we can expect Bitcoin to rise as one of the most valued currencies in the world.”

Leetham explained that the Bitcoin market in 2023 comes as a recovery, considering it lost about 65% in market value in 2022.

“Naturally, like all major cryptocurrencies, Bitcoin was hit hard by the fall of FTX, the recessive economy, and the regulatory crackdown. As a result, its market value and price fell.

“However, 2023 represents a good year for the Bitcoin market, with prices currently at $ 43,036.”