Recently, Bitcoin has surpassed the tech giant Alphabet behind Google in terms of market capitalization.
The major cryptocurrencies are currently on the verge of surpassing Amazon.
As Reported by U.TodayBitcoin recently reached a local peak of $110,587 in bit stamp exchanges.
Microsoft is currently the most valuable company with a market capitalization of nearly $3.5 trillion. The tech giant has been able to regain the top spot as it focuses on artificial intelligence (AI).
Another popular AI-focused investor pick, Nvidia is right behind Microsoft with a market capitalization of $3.47 trillion.
Previously it was the most valuable company in the world, but now it ranks third with a market capitalization of $3 trillion.
Is Bitcoin undervalued?
Bob Lucas, a well-known cryptocurrency trader, believes that Bitcoin is actually undervalued at its current price.
According to Loukas, the $2.1 trillion market capitalization is too low for assets that have earned “so much global admiration and mind share.”
Can Bitcoin overtake gold?
Gold remains the most valuable asset with a market capitalization of a whopping $22.6 trillion.
As Reported by U.TodayFidelity recently predicted that Bitcoin could outweigh gold in the long term due to market capitalization.
Galaxy CEO Mike Novogratz, one of the most well-known crypto investors, believes this could happen in the next five years.
Some Bitcoin supporters are even more optimistic, with Blockstream CEO Adam predicting that Bitcoin could end up preying on its shiny competitors during the current bullish cycle.
