Bitcoin Soars to Become 13th Largest Asset by Market Cap, Rising Dominance Challenges Altcoin Growth

By: Isha Das

Bitcoin's Rising Market Position

Bitcoin asserts itself as the 13th largest asset by market cap, riding high on a valuation of $555 billion. It settles comfortably between 14th placed Visa, with a market cap of $499 billion, and 12th ranked Eli Lilly with a market cap of $585 billion. Significantly, on October 16, Bitcoin's market cap made a brief appearance at $572 billion.

Compared to Silver, currently positioned as the seventh largest asset with a market cap of $1.284 trillion, Bitcoin's market cap holds around 45% of Silver's size. This comparison underscoring the increasing significance of Bitcoin within the global asset market.

Bitcoin's Rising Dominance in the Crypto Market

An examination of Bitcoin's supremacy within the crypto space is also striking. Currently, hovering just below 52%, a flirtation with its year-to-date high, the Bitcoin dominance percentage cements its powerhouse position within the cryptocurrency sector. Interestingly, this dominance level is reflective of the late June figures, despite Bitcoin's price being marginally lower now. The rise in Bitcoin's dominance rate tallies with the bullish breakout witnessed in June, marking the end of an extended range play between 38% and 48%.