Bitcoin’s market capitalization is on the verge of reaching $1 trillion, as per recent statistics on Saturday, July 6, 2024. However, if the value of bitcoin were to drop by $110 billion, it would hit a low not seen since late February 2024.
Bitcoin, also known as BTC, has faced a difficult month, experiencing a 20% loss against the U.S. dollar in the last 30 days. Currently, the market cap of BTC is just above $1 trillion, and any further decline would push it below this threshold. The last time BTC was valued under $1 trillion was on February 23, 2024, and it remained above this mark for a consecutive 134 days.
The achievement of reaching $1 trillion is at risk if the downward trend of BTC’s price continues. Furthermore, BTC’s market valuation is in danger of losing its position as the tenth most valuable asset in the world. It currently holds a market cap of $1.11 trillion, surpassing Taiwan Semiconductor Manufacturing Company (TSMC).
For BTC to fall below TSMC’s market cap, it would need to lose a total value of $155.82 billion. Above BTC in terms of market cap are Meta (formerly Facebook) and the overall market valuation of silver. While surpassing Meta may be possible for bitcoin with a significant price rebound in the near future, overtaking silver would require a much greater effort, given that the precious metal’s market cap has risen to $1.75 trillion this year.
What are your thoughts on the possibility of bitcoin dropping below the $1 trillion mark? Feel free to share your opinions and perspectives on this matter in the comments section below.
