The last few days have not been good for Facebook. After the crash of social media apps, WhatsApp and Instagram, Mark Zuckerberg’s personal wealth dropped by about $7 billion. And now, the platform has lost its position as the sixth most valuable asset to bitcoin. Bitcoin, which is almost synonymous with cryptocurrency today, has overtaken Facebook in terms of market capitalization. According to AssetDash, Facebook has dropped to seventh place with a meteoric 360 percent increase in the asset value of bitcoin over the past year. For the same period, Facebook grew only 22 percent.
The rise in bitcoin price is not at its all-time high, which was recorded at $64,000 in mid-April 2021. However, its current market capitalization puts it ahead of big names like Tesla and JPMorgan, the list shows.
The rise in the value of bitcoin came after a dry spell caused by the cryptocurrency and regulatory complexities and China’s decision to ban tax reporting requirements in other countries. However, the Swiss government approved the country’s first cryptocurrency investment fund which has helped fuel the rise of cryptocurrencies.
And, bitcoin is no stranger to great performance. Bitcoin was one of the best performing assets over the past decade. With Facebook now overtaking Facebook in 2021, it looks like bitcoin is on the right track for this decade as well.
Facebook, on the other hand, saw a 5 percent drop in price on Monday after three of the company’s apps were down for more than six hours.
Amazon, Google, Saudi Aramco, Microsoft and Apple are ahead of Bitcoin in the Asset Dash list, which ranks first in the list. As of 3.30 pm on October 7, 2021, Apple has a market capitalization of $2.348 trillion. While the market capitalization of Bitcoin is $1.022 trillion, Facebook is assessed to have a market capitalization of $953.0 billion.