The stakeholders of the digital asset industry say that the bullish trend of digital assets has come to fruition because of the mass public and institutional adoption, which is still continuing in support of them by making investors incorporate digital assets in their portfolios through various new products such as ETFs, structured funds and also by the broadening support of many legacy payment companies.
Breaking Through the Market Cap of Saudi Aramco, Microsoft, And Amazon
After the continuation of another bull cycle of the market, digital assets have acquired the market cap of over $1.9 trillion, as stated by CoinGecko, crossing the market cap of three giant companies, namely Saudi Aramco, the largest oil producers in the world, Microsoft, the tech giant, as well as Amazon, the world’s leading selling platform. These companies have been on the top of the list for such a long time, and no one would have thought even a year ago that something else would take their place in such a short amount of time.
Digital assets crossed a defining milestone in the middle of February when they crossed the market cap of Google’s parent company, Alphabet. This boom in the market cap of the digital asset was stirred up after the price of Bitcoin reached the mark of $46k, as a result of the news that Elon Musk, the owner of the leading eclectic car manufacturer, Tesla, had acquired Bitcoin worth over $1.5 billion and placed them in the balance sheet of his company. Many firms have followed the bandwagon and have since invested in various digital assets. The Token Metric’s Chief Technical Analyst, Bill Noble, has also suggested that the rise in popularity of alternative coins has boosted the overall digital asset market.
Digital Assets on The Rise
Since the latest bull cycle of the digital asset market, the price of BTC is up by 12% in just a week, and ETH has grown by a staggering amount of 23% in this time. The price of BTC is currently around $58.7k as of the market price.
The CEO of VRBex, Gene Grant, said that digital assets are still in their growth stage, and they are here to stay. There is no doubt about that.