The rise in price to $ 40,000 and above significantly increased the capitalization of the leading crypto bringing the indicator a little closer to the market value of gold.
According to Gold.org, the approximate market value of all mined gold is $ 10.6 trillion. Bitcoin's market cap at the time of writing is $ 765 billion. That is 7,2% of the total value of the precious metal.
The chart below compares bitcoin's market capitalization to some traditional assets, including gold and Tesla.
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The entire cryptocurrency market has a capitalization of $ 1.09 trillion at the time of writing.
Earlier well-known investor Dennis Hartman called Bitcoin "Millennial Gold".