Bitcoin needs to hit $ 93,500 to be number one ranked single asset

Bitcoin could become the number one ranked single asset if it hits $93,500 according to latest analysis from analytical website AssetDash. The analytical company tracks the top single assets in the American market and Bitcoin is currently placed 27th on the leaderboard that tracks the top 100 US-traded assets by market cap.

Top Assets by Market Cap. Source: assetdash.com

As expected technology giants Apple, Amazon and Microsoft were ranked first to third on the list with a market cap of $1.8 billion,$1.54 billion and $1.53 billion respectively. The Bitcoin market cap is just under PayPal and Tesla. According to the statistics, the BTC market cap is bigger than Adobe, Netflix, Intel and Coca Cola.

It should be noted that the list did not classify assets that can not be quantified such as Gold, Silver and other mineral commodities. This also shows the evolution of Bitcoin as an asset that can be quantified despite being tagged as digital gold.

Obviously it is virtually difficult for any asset to surpass Gold as the number one asset due to its historical value with several reports claiming that Gold’s market cap ranges from $7 to $8 trillion.

However, the coin can still look towards surpassing Apple inc and it is estimated that the Bitcoin price would need to hit $93,500 to achieve this milestone.

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Bitcoin has enjoyed a decent 2020

This is a remarkable rise for the leading cryptocurrency following the crypto carnage that occurred in 2018. The bearish market which ended in 2019 was not expected to see the coin move up but BTC is currently up close to 70% since the start of 2020. Outperforming the big FAANG stocks.

The halving that occurred in May was expected to usher in a bullish run that would see the coin hit 2017 record levels, but BTC largely behaved like a stablecoin hovering around $9,200 to $9,500 in the months of June and July.

August has so far brought a rebound in the coin with BTC jumping from $9,500 to $11,000 within a matter of days. With the immediate quest for the coin being $20,000 it will be interesting to see whether BTC will be able to push from there towards $95,000.