Bitcoin underwent a correction to $30,215 shortly after smashing a fresh all-time high on the 12th anniversary of its network being created. With this, the world’s premier crypto-asset went on to break several other records as well. One of the most prominent ones has to be Bitcoin surpassing Chinese multinational technology company Alibaba.
According to AssetDash’s chart for ‘Top Assets by Market Cap’, the leading cryptocurrency briefly crossed Alibaba to score the top 8th position on the ladder. During this short-lived tryst, the cryptocurrency went on to challenge the US electric vehicle giant, Tesla which was seated at the 7th position.
#Bitcoin > @AlibabaGroup pic.twitter.com/o2AY1Muk4G
— Cryptowatch (@cryptowat_ch) January 3, 2021
As Bitcoin broke $30k, Jim Bianco, popular macro strategist, tweeted,
“*BITCOIN EXTENDS RALLY TO TOP $30,000 FOR THE FIRST TIME. Bitcoin first passed $20,000 on December 16, and $25,000 on December 26. Now over $31,000 50+% gain in less than 16 days! Bitcoin makes TSLA look like it is standing still.”
Having quadrupled in terms of its price during 2020, the crypto began 2021 with a bang as it breached through the $30,000 mark for the first time ever, in fact, in less than three weeks ago to be specific, after first trading above $20,000. Just four days into 2021 and BTC has already exhibited an extension of its mainstream recognition, which might be held as a guarantee for a long-term bullish trend.
The latest pullback of more than 12% over the past day, from a market cap of over $636 billion to the current $563 billion drove the cryptocurrency to the 10th position. However, it continued to rank well above the financial service giants such as Visa and Mastercard.
Will Bitcoin be able to resume this?
It is very likely that Bitcoin could be, in the coming days, will be able to take over Alibaba once more. The very reason why it seems plausible is that more and more anxious institutions and corporations are on a buying spree of more and more BTC. Hence, the scenario for not just BTC but also the collective crypto market cap is getting more bullish by the second. It is not just the high-net individuals that have played their part, the retail FOMO was also important in this rally.
It is not just Bitcoin that reigns in the charts..
Apart from Bitcoin, the only other cryptocurrency that was found among the top 100 assets by market cap was Ethereum. Thanks to its overwhelming rally of 15% over the past 24-hours, the altcoin made it to 93rd position just above the British multinational investment bank and financial services holding company, HSBC Holdings.