While social media platform Facebook was battling a multi-hour outage yesterday, leading cryptocurrency Bitcoin was rising on the market.
Bitcoin Surpasses Facebook in Market Cap
It was a dark time for Facebook yesterday. It appeared that the application’s domain was deleted from global routing tables. Its subsidiaries WhatsApp and Instagram also experienced a blackout. During this outage, Facebook’s stock started falling fast through the ranks.
The Facebook outage worked to the advantage of leading cryptocurrency Bitcoin. Bitcoin has achieved a big milestone by surpassing communication giant Facebook in market capitalization. At the time of writing, Bitcoin’s market capitalization is $931.388 billion above Facebook’s $919.79 billion.
Additionally, Bitcoin’s price surged to $48,000 after dropping to $47,166, recording an increase of 3% in less than 2 hours. Following closely behind Bitcoin was Ethereum, which also recorded an increase of 2.7% to a price of $3,376.
Bitcoin has surpassed Facebook in market cap twice this year; once in January and once in April. Yesterday’s blackout makes it the third time the leading crypto is coming after Facebook’s rank.
Bitcoin is a tough competitor to social media platform Facebook. Despite a couple of hitches on the way, Bitcoin has managed to record a price increase of 360% in the past year. Facebook, on the other hand, has only risen by 22% in comparison.
The Crypto Community Needs a Blockchain-Built Social Media Platform
Although Facebook’s outage translated to a win for Bitcoin, it notably also affected engagement in the crypto community. The last Facebook outage happened in March 2019. Considering this track record, there is a possibility of a reoccurrence in the future.
Although Twitter was available for the crypto community, they highlighted the need for a blockchain-built decentralized social media platform. Moreover, Allen Farrington, a crypto blogger, commented that if communication giant Facebook was built on a blockchain, it would never go down.
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