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Bitcoin exceeds top three US banks by market cap

Cryptopolitan


TL;DR Breakdown:

  • Bitcoin has surpassed the cumulative valuation of the top three US banks.
  • Pomp says the next stop for BTC’s market cap is $1 trillion.

The largest cryptocurrency, Bitcoin (BTC), has seen a massive increase this week since the announcement that Tesla, one of the S&P 500 listed companies, bought $1.5 billion worth of the cryptocurrency. On February 11, the cryptocurrency reached another all-time high in price, pushing its market capitalization above that of the three largest US banks – JP Morgan Chase, Bank of America, and Wells Fargo – combined. 

Bitcoin is becoming more valuable

At the time of writing, the leading cryptocurrency was trading at $47,328 on Coinmarketcap, with a 24 hours price change of 6.07 percent and 26.70 percent on a seven-day count. With the current circulating supply of 18,626,425 BTC, the crypto has a market capitalization of over $881 billion, per Coinmarketcap. This is largely greater than the market valuation of JP Morgan, BofA, and Wells Fargo combined. 

Following the market information on Companiesmarketcap, JP Morgan, the largest US bank, has a market valuation of $424.68 billion, followed by the Bank of America with $284.43 billion, and Wells Fargo with $135.59 billion. In total, these companies account for $844.7 billion in capitalization, which is about $36 billion below Bitcoin’s market valuation. 

How soon until Bitcoin exceeds $1 trillion?

Note that, earlier today, BTC reached a market valuation of $900 billion, which is the highest record ever. This came as the price reportedly touched a new all-time high of $49,000 on Bitstamp exchange, before the slight drop. However, industry experts like Anthony Pompliano think that Bitcoin’s next stop in capitalization will be $1 trillion.