Bitcoin the flagship cryptocurrency surged to $97,000 yesterday smashing a new all-time high and closing in on a $2 trillion market capitalization
At the time of the report, Bitcoin has a market cap of $1.9 trillion almost 10 times the size of Nigeria’s economy pegged at $252 billion by the IMF.
This impressive leap by Bitcoin means the asset is now more valuable than that of South Africa the largest economy in Africa and close to 10 times that of Nigeria the fourth largest economy in Africa.
Compared to the biggest companies and assets in the world by Market capitalization, Bitcoin creeps in at the number six position surpassing Saudi Aramco and trailing Global e-commerce giant Amazon by $230 billion.
Bitcoin’s New Valuation Pales Nigerian Economy
- Bitcoin’s market capitalization surging to almost ten times the value of the Nigerian economy reveals how badly the Nigerian economy is doing at the moment.
- In 2014, Nigeria was named the third fastest-growing economy in the world by CNN Money. The country’s economy was valued at $568.49 billion and its GDP growth rate was only surpassed by that of China and Qatar.
- Today, Nigeria’s economy has halved in valuation floating around the $260 billion range according to an IMF report this year.
- The current state of the Nigerian exchange rate presents another interesting angle to view the disparity between the crypto asset and Nigeria’s financial status.
- One Bitcoin is currently worth N163 million at the current exchange rate with Bitcoin expected to go north of $100,000 before the end of the year.
Analysts comment on Bitcoin’s market capitalization and surge in price
David Ingles a crypto influencer highlighted Bitcoin’s surge in market capitalization comparing the asset to the biggest companies by market cap.
“Bitcoin price nearing $100K, market cap approaching $2 trillion. If Bitcoin was a company, it would be 6th biggest globally just behind Amazon and just ahead of Aramco” David Tweeted
Market analyst Tony Sycamore reacted to Bitcoin’s surge stating that the buying activity around the asset by far outweighs the selling activity.
“Buyers are strangling the sellers “While I’m not sure it’s all going to be smooth sailing as it edges closer to the $100,000 mark, the demand appears to be insatiable,” Tony stated
Bitcoin’s surge in market capitalization triggered the pumping of the global market cap of all cryptocurrencies driving it up to $3.3 trillion.
What to Know
- Bitcoin’s market capitalization is more than half the size of the world’s largest company Nvidia. Nvidia has a market capitalization of $3.6 trillion. Bitcoin’s market cap is also 10% larger than that of the entire market capitalization of silver.
- Nigeria’s economy is expected to be valued at around $372.97 billion by the end of 2024, according to Trading Economics
