With bitcoin, ether, and more alternative coins reaching for the stars with new records in the past 24 hours, the cumulative market capitalization of all crypto assets surged to new record levels above $2.2 trillion. Interestingly, this means that the total crypto market cap exceeded that of the world’s most valuable company – Apple.
Crypto Market Cap Surpasses Apple’s
After weeks of suffering beneath the $60,000 price line, bitcoin finally emerged victorious today. In a long-anticipated moment from the community, the primary cryptocurrency initiated an impressive leg up that resulted in breaking the previous ATH record of $61,800.
Furthermore, BTC continued higher and marked its latest record of over $63,700. The first-ever cryptocurrency pulled the rest of the market with it, and ether followed with a new all-time high of its own at $2,300.
XRP has been on a roll as well, with another 34% surge and a 3-year record at $1.85. The situation with most altcoins is also quite bullish with impressive increases.
Naturally, this led to a substantial boost for the cumulative market capitalization of all crypto assets. According to data from CoinGecko, the metric added about $150 billion in a day and reached a new all-time high at over $2.260 trillion. Just for reference, this is more than a 10x increase in a year as the crypto market cap was down below $200 billion at the same time 2020.
With its latest record, the market capitalization of cryptocurrencies breached that of Apple. Data from AssetDash shows that the world’s most valuable company has a market cap of $2.230 billion as of writing these lines.
In other words, the crypto market has become more valuable than the giant US multinational technology company.
Are We Still Early?
One of the most discussed topics within the community is whether or not “we are still early.” The general answer so far has been – yes. Or, as Tyler Winklevoss said recently – we are still in the first inning.
But surpassing Apple sounds like a big deal, which could question that narrative. However, it could also have another side to the story.
Although exceeding Apple’s market cap is indeed an impressive milestone, it’s worth noting that this is just one company. Yes, the largest as it seems, but just one.
The top five companies by that metric, which also include Microsoft, Saudi Aramco, Amazon, and Google, have a total market cap of over $9.3 trillion. Furthermore, the estimated market cap of gold is over $11 trillion.
So if we can somehow compare the cryptocurrency market to just these companies or just gold, then the narrative is still that we are early.