- Bitcoin claimed the ninth spot in the ranking of the largest assets and counterparts based on market capitalization.
- It also surpassed other positions in terms of daily growth.
- The price of the asset initially crossed the $48,500 mark following the launch of trading on spot ETFs, but later retraced.
Bitcoin has made further progress in the ranking of the top 10 largest assets/counterparts by market capitalization, according to Companies Market Cap. It has now moved up to ninth position, overtaking Meta.
According to the platform, Bitcoin’s current market capitalization stands at $950.28 billion. The coin’s price surged past $48,500 due to the commencement of trading on spot ETFs tied to Bitcoin, resulting in increased daily growth rate.
At the time of writing, the daily growth rate is 6.53%, a value unmatched by any of the other top 10 rankings.
Since the beginning of January 2024, Bitcoin’s market capitalization has increased by over $120 billion, as per CoinMarketCap:
Approval of spot Bitcoin ETFs served as one of the drivers behind this metric, as well as the asset’s value. The decision to approve such ETFs was made by the US Securities and Exchange Commission on January 10, 2024.