According to publicly available data, the largest cryptocurrency has surpassed the world’s three most expensive banking giants in terms of market capitalization.
Bitcoin market capitalization explodes for financial giants
At its peak of $61,700, bitcoin had a market capitalization of about $1,150 billion. JPMorgan, Bank of America and Industrial and Commercial Bank of China (ICBC) have a combined market capitalization of $1.08 trillion.
But that’s not all: Visa and Mastercard, the largest payment networks, have a combined market size of $871 billion, which is also significantly smaller than bitcoin.
Since then, BTC/USD has had a small decline, bringing its market capitalization to $1.03 trillion, while retaining the important asset title of trillion.
This level was previously presented by analysts as a likely consolidation zone that remains unchanged after Monday’s decline drove bitcoin back below its previous all-time high from late February.
As others have noted, the rise has been impressive: bitcoin has gone from zero to $1 trillion in network value, 3.6 times faster than, say, Microsoft.
Hot on Golden Heels
An analysis of market cap data by analytics resource Ecoinetrics found that bitcoin was the 13th largest bitcoin in the world. March accounted for 45% of gold in investment vehicles and 10% of the total physical gold market.
To completely eclipse gold – which is already being discussed among market participants – BTC/USD would have to trade at $590,000.
Bitcoin market capitalization comparison chart. Source: Econometrics/Twitter
As Cointelegraph reports, Visa and Mastercard have now accepted the need to include bitcoin in their business strategies for the future.
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