Bitcoin flippens South Korean won, closes in on Google

The market capitalization of Bitcoin recently rose above $1 trillion once again. Now the asset has surpassed the total market cap of the South Korean won.

According to data from AssetDash, the Bitcoin (BTC) market cap is $1.057 trillion at time of publication. This exceeds the money supply of the South Korean won, which was estimated to be 1,178,748,600,000,000 KRW as of December 2020, and is currently valued at roughly $1.04 trillion.

Bitcoin’s market cap rose above $1 trillion for the first time in February following the announcement that Tesla had invested $1.5 billion into BTC. Crypto adoption by a major company like the electric car manufacturer quickly sent the asset's price soaring to an all-time high of more than $57,000 on Feb. 20.

The price of Bitcoin remains in striking distance of a new all-time high after regaining $57,000 this week, and its market cap could soon overtak that of Google’s parent company, Alphabet. Bitcoin’s market capitalization has already exceeded that of two major companies this year — Tesla and Chinese tech giant Tencent — and is closing in on Alphabet’s $1.4 trillion.

Apple maintains a healthy $1 trillion gap between Bitcoin's market cap and its own. Interestingly, Apple took more than 40 years to break the $1 trillion mark. From the day when the first Bitcoin transaction was conducted, the crypto asset took just 12 years to reach a $1 trillion market cap. In contrast, Google’s journey to $1 trillion took 22 years.