Bitcoin's Rise
Bitcoin (BTC), the original cryptocurrency, is gaining momentum as it overtakes the market value of American conglomerate holding company Berkshire Hathaway. On December 4, BTC's market cap rose above $800 billion, surpassing billionaire investor Warren Buffet's company on December 3. This comes as Bitcoin surged past $40,000 over the weekend, with its market capitalization rising to over $780 billion.
Berkshire Hathaway's Performance
Berkshire Hathaway's class A (BRK.A) stock closed the market at $542 on December 1, with a market capitalization of $779 billion. Despite a slight decline in recent days, Berkshire Hathaway is still up 4.7% over the past 30 days and 14.7% year to date (YTD). However, Bitcoin's volatility far exceeds that of BRK.A, with the cryptocurrency surging 20% over the past month and almost 150% YTD.
Bitcoin's Market Cap
At the time of writing, Bitcoin's market cap stands at $811 billion, which is 4% higher than the market value of Berkshire Hathaway. This milestone places Bitcoin as the 10th biggest asset by market cap, following companies like Meta Platforms (formerly Facebook) and Nvidia.
Bitcoin's Potential
With Bitcoin's market cap surging past $800 billion, the cryptocurrency is now 38% short of its all-time high market value posted in November 2021. This recent bullish action could potentially lead to Bitcoin reaching a market capitalization of $1 trillion for the second time in its history.
