In terms of market capitalization, Bitcoin has surpassed Facebook.
Facebook's performance over the last few days has been poor. Mark Zuckerberg's personal worth was cut by approximately $7 billion after the social media platform, along with WhatsApp and Instagram, crashed. And today, Bitcoin has surpassed the platform as the sixth most valuable asset.
In terms of market capitalization, Bitcoin, which has become nearly synonymous with cryptocurrency, has surpassed Facebook. With Bitcoin's dramatic 360 percent gain in asset values over the last year, Facebook has been pushed to seventh place, according to Asset Dash. Facebook only increased by 22% within the same time period.
Bitcoin prices have not yet reached their all-time high of $64,000, which was set in mid-April 2021. However, the list shows that its current market capitalization places it ahead of big names such as Tesla and JP Morgan.
After a dry spell induced by China's decision to ban cryptocurrency, as well as regulatory hurdles and tax reporting requirements in other nations, Bitcoin values have risen. The Swiss government, on the other hand, has aided the emergence of bitcoin by approving the country's first cryptocurrency investment fund.
And Bitcoin has a track record of outstanding performance. Bitcoin was one of the most successful assets of the previous decade. Now that Bitcoin has dethroned Facebook in 2021, it appears that Bitcoin is on the right track for this decade as well.
On the other hand, Facebook's stock dropped 5% on Monday after three of the company's apps went down for more than six hours.
Amazon, Google, Saudi Aramco, Microsoft, and Apple, which is top on the list, are all ahead of Bitcoin on the Asset Dash list. Apple has a market capitalization of $2.348 trillion as at 3.30 p.m. on October 7, 2021. While Bitcoin has a market capitalization of $1.022 trillion, Facebook has a market capitalization of $953.0 billion.