The past few days have not been great for Facebook. After the social media app, along with WhatsApp and Instagram crashed, Mark Zuckerberg’s personal wealth was reduced by nearly $7 billion. And now, the platform has lost its position as the sixth most-valued asset to Bitcoin. Bitcoin, which is almost synonymous with cryptocurrency today, has left Facebook behind in terms of market capitalisation. According to Asset Dash, Facebook has been pushed to the seventh position with Bitcoin’s meteoric 360 per cent rise in asset values in the last year. For the same period, Facebook only went up by 22 per cent.
The rise in Bitcoin prices is not at its all-time high, which was recorded to be $64,000 in mid-April 2021. However, its current market capitalisation has placed it ahead of big names such as Tesla and JP Morgan, the list shows.
The rise in Bitcoin values came after a dry spell caused by China’s decision to ban cryptocurrency and regulatory complications and tax reporting requirements in other countries. However, the Swiss government approved the country’s first cryptocurrency investment fund has helped the rise of cryptocurrency.
And, Bitcoin is no stranger to great performance. Bitcoin was one of the best-performing assets of the last decade. Now by toppling Facebook off its spot in 2021, looks like Bitcoin is on the right path for this decade as well.
Facebook, on the other hand, saw a dip of 5 per cent in value on Monday after three of the company’s apps suffered an outage for over six hours.
Ahead of Bitcoin on the Asset Dash list are Amazon, Google, Saudi Aramco, Microsoft and Apple, which is the first on the list. As of 3.30 pm on October 7, 2021, Apple has a market capitalisation of $2.348 trillion. While Bitcoin has a market capitalisation of $1.022 trillion, Facebook has been evaluated to have a $953.0 billion market capitalisation.
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