According to recent statistics on Saturday, July 6, 2024, bitcoin’s market capitalization is nearing the $1 trillion mark. If bitcoin’s value drops by $110 billion, it will hit a low not seen since late February 2024.
Bitcoin Market Cap Teeters on $1 Trillion Mark
Bitcoin (BTC) has experienced a challenging month, losing about 20% against the U.S. dollar in the past 30 days. This weekend, BTC’s market cap is just above the $1 trillion threshold, and any further decline will push it below this level. The last time BTC was under $1 trillion was on Feb. 23, 2024, and it stayed above this mark for a total of 134 consecutive days.
The $1 trillion milestone is at risk if BTC’s price continues its downward trend. Additionally, BTC’s market valuation is close to losing its position as the world’s tenth most valuable asset. Currently, with a $1.11 trillion market cap, it stands above Taiwan Semiconductor Manufacturing Company (TSMC).
Bitcoin will need to lose a total of $155.82 billion in value to fall below TSMC’s market cap. Above BTC, in terms of market cap, are Meta (formerly Facebook) and the overall market valuation of silver. While surpassing Meta might be feasible for bitcoin with a significant price rebound soon, overtaking silver will require a much greater effort since the precious metal’s market cap rose this year to $1.75 trillion.