Bitcoin, which was once worth more than the global market capitalization of silver, is now on the verge of being overtaken by Samsung Electronics and SK hynix.
According to CompaniesMarketCap, a global asset ranking site, as of the 29th, Samsung Electronics and SK hynix ranked 14th and 15th in market cap, respectively, closing in on Bitcoin. Market cap sizes are as follows: ▲Bitcoin $1.47 trillion (about 2,200 trillion won) ▲Samsung Electronics $1.316 trillion (1,970 trillion won) ▲SK hynix $1.087 trillion (1,625 trillion won).
On the 11th, Bitcoin was 11th and Samsung Electronics was 14th, but over the past two weeks Bitcoin's price fell while Samsung Electronics' share price rose, narrowing the gap. Bitcoin even overtook silver after swelling to about $2 trillion (2,995 trillion won) in February last year, shortly after the Donald Trump U.S. administration took office.
Bitcoin's price has been on a steady decline since hitting the 170 million won range in October last year. JPMorgan said demand for Bitcoin is weakening as outflows continue from Bitcoin spot exchange-traded funds (ETF·Exchange Traded Fund).
James Check, former lead analyst at on-chain (on the Blockchain network) analytics firm Glassnode, said, "Right now, nobody cares about Bitcoin. Investor sentiment toward Bitcoin has completely bottomed out, and long-quiet Bitcoin bears are showing confidence."