CoinDesk Report:
According to the latest statistics on Saturday, July 6, 2024, Bitcoin’s market capitalization has approached the $1 trillion mark. A decline of $110 billion in Bitcoin’s value would mark a new low since late February 2024.
Bitcoin Market Cap Surpasses $1 Trillion
Bitcoin (BTC) has faced a challenging month, experiencing a drop of approximately 20% against the US dollar over the past 30 days. This weekend, BTC’s market cap just surpassed the $1 trillion threshold, with any further decline potentially dropping it below this level. The last time BTC was below $1 trillion was on February 23, 2024, maintaining above this level for 134 consecutive days.
The $1 trillion milestone faces risk if BTC continues to decline. Additionally, BTC’s market valuation is nearing a point where it could lose its status as the world’s tenth most valuable asset. Currently valued at $1.11 trillion, it exceeds Taiwan Semiconductor Manufacturing Company (TSMC).
Bitcoin would need to lose a total of $155.82 billion in value to fall below TSMC’s market cap. Above BTC in terms of market cap are Meta (formerly Facebook) and the overall market valuation of silver. While surpassing Meta quickly after a significant rebound in Bitcoin’s price may be feasible, surpassing silver would require greater effort, as Bitcoin’s market cap this year has risen to $1.75 trillion.
What do you think are the chances of Bitcoin falling below the $1 trillion mark? Share your thoughts and opinions on this topic in the comments section below.
