Bitcoin market capitalization topped Facebook’s at over $ 929,014,620,160 at time of writing, according to Asset dashboard. The total value of all Bitcoin in circulation now stands at $ 779.6 billion, above Facebook’s market cap of $ 756.6 billion.
Sudden price volatility comes as Facebook, Facebook-owned WhatsApp and Instagram suffered a global outage on Monday, October 4. The unprecedented outage caused Facebook shares to fall 4.9%, on top of the 15% drop that occurred in mid-September. The personal wealth of its CEO Mark Zuckerberg plummeted as he lost nearly $ 7 billion, dropping him to sixth place on Bloomberg list of billionaires in a few hours.
The outage led Bitcoin to overtake Facebook in terms of market capitalization. According to AssetDash, it is now the sixth largest asset after blue chip companies Apple, Microsoft, Saudi Aramco, Alphabet and Amazon. The cryptocurrency previously exceeded Facebook’s market cap at least twice since the start of the year.
“Bitcoin has never suffered a downtime unlike Facebook”
In a short time, Bitcoin gained a reputation as the most volatile cryptocurrency of all time. In the past twelve months alone, Bitcoin has grown by over 360%, compared to Facebook which has only grown by 22%. Digital currency was the the most efficient asset of the last decade and started this decade quite strong.
It will be an uphill battle if Bitcoin is to overtake the world’s five largest assets. According to industry analysts, Bitcoin could register more short-term gains.
Bitcoin is not the only digital currency to make frequent headlines in 2021. Ethereum is now number 82 in the world.sd most valuable asset with a market capitalization of $ 125 billion. It was up 50% at the start of the year, helping it outperform financial bigwigs like Morgan Stanley and the ubiquitous Starbucks.
Other cryptocurrencies in the top 1000 include Tether, XRP, Litecoin, Polkadot, Cardano, and Bitcoin cash.
The so-called “Facebook blackout” that occurred on Monday night reminded the world of the power of decentralization. The blackout was one of the biggest in the history of blackouts. This gave crypto enthusiasts yet another reason to celebrate Bitcoin. Digital currency, in its history, has never suffered a failure.
Monday night’s event accelerated the efforts of microblogging site Twitter to work on its own decentralized social media initiative. Company founder and CEO Jack Dorsey first announced in December 2019 that the platform would fund a team dedicated to developing a decentralized standard for Twitter. Dorsey believes the initiative has the potential to give users access to a large number of conversations on Twitter as well as more relevant content.
The cause of the failure remains unknown.