Bitcoin is growing leaps and bounds and this time around the bull run appears to be spearheaded by institutional investors. The latest analysis shows that the flagship crypto has reclaimed the $1 trillion level. On March 11, 2021, bitcoin surpassed the total market capitalization of the South Korean Won.
Based on data from AssetDash, the BTC market cap is $1.07 trillion at the time of writing. This amount exceeds the money supply of the South Korean won which was estimated to be 1,178,748,600,000,000 KRW as of December 2021. The currency is currently valued at about $1.04 trillion.
Bitcoin’s market cap surged above $1 trillion for the first time in February after the announcement that Tesla had acquired $1.5 billion worth of bitcoins. Cryptocurrency adoption by a major firm like the electric vehicle manufacturer rapidly sent the asset’s price exploding to an all-time high of over $58,000 on February 20.
The bitcoin price is now within striking distance of another all-time high after reclaiming the $57,000 level earlier in the week. Analysts say that its market cap might soon exceed that of Google’s parent company, Alphabet. Bitcoin has already flipped two major companies, China’s Tencent and Tesla, and is gradually moving towards Alphabet’s $1.4 trillion.
Apple Inc maintains a significant $1 trillion gap between bitcoin’s market capitalization and its own. On its part, Apple took over 40 years to break the $1 trillion mark. From the day when the first BTC transaction was executed, the crypto asset took around 12 years to reach a $1 trillion market valuation. Google took 22 years to reach the $1 trillion level.