In the midst of the financial system's disarray, Bitcoin's recent spike in purchasing pressure has attracted a sizable infusion of cash, providing the asset an upward momentum and raising its rank higher among investment items.
According to statistics gathered from Company Market Cap on March 24, Bitcoin's market cap has hit $524.14 billion, ranking it as the 11th biggest asset globally by market value.
The electric car manufacturer Tesla (NASDAQ: TSLA), which presently holds the top ten slot among the most valuable assets with a market worth of $602.09 billion, is just one spot away from kicked out of the list.
The most recent capital inflow has also helped the first cryptocurrency surpass traditional financial behemoths like banking titan JPMorgan Chase (NYSE: JPM), which is ranked 21st with a capitalization of $365.24 billion, and payment platform Visa (NYSE: V), which is now ranked 15th with a market capitalization of $460.16 billion.
According to a Finbold report released on March 21 that highlighted Bitcoin's performance following the banking crisis, five of the largest U.S. banks lost a combined total of $108.92 billion in market capitalization in 2023, whereas Bitcoin increased its market cap by $219.86 billion over the same time period.
High-profile lenders including Silvergate Bank, Silicon Valley Bank, and Signature Bank going out of business, as well as the troubled sale of Swiss banking giant Credit Suisse to UBS, served as more evidence of the financial crisis.
Proponents of bitcoin say there is a paradigm shift that might strengthen its role as a safe-haven asset due to the rise of the currency during the traditional financial crisis.
Bitcoin has maintained gains despite the Federal Reserve raising rates for the ninth time in a row, which was first thought to signal a potential slowing in rate increases.
Bitcoin critic and CEO of Euro Pacific Asset Management, Peter Schiff, commented on the issue and claimed that it is similar to the 2008 financial collapse and would be worse as a "sequel."