HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Has a Higher Market Cap Than All Public Companies But 17

Bitcoin 2020/11/22 06:00 by Nick Chong

Bitcoin has seen a strong surge over recent weeks amid a muted background for the stock market. The price of the leading cryptocurrency has rocketed higher by approximately 70% in the past five weeks while the S&P 500 has only gained a few percent over that same time frame.

This rally in the price of BTC against other assets has allowed it to set some interesting milestones. For context, the market capitalization of Bitcoin is basically at all-time highs despite BTC being slightly shy of its all-time highs.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Surpassing Many Top Companies 

As noted by Anthony Pompliano, an investor in the cryptocurrency space, the number of companies (public) that have a bigger market capitalization than Bitcoin has shrunk to 11:

“There are only 11 companies in the world who have a larger market cap than the Bitcoin settlement system right now.”

More updated data suggests that this number is closer to 16 or 17, as the stock marked has rallied since the data that Pompliano used was updated.

These include but are not limited to Saudi Aramco, Microsoft, Apple, Amazon, Alphabet Google, Facebook, and a number of others.

It’s worth noting that just recently, the market capitalization of BTC surpassed that of JPMorgan, which used to be one of the harshest critics of the cryptocurrency until the company began changing its tune recently.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Room to Grow

Analysts are sure that Bitcoin has room to grow in this market cycle.

Commenting on the factors that could drive Bitcoin from the current price region to $100,000 and beyond in this market cycle, Raoul Pal, CEO of Real Vision, recently said:

“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense. The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – #bitcoin.”

Tyler Winklevoss is also a big bull on Bitcoin. The Gemini co-founder and BTC billionaire recently said he thinks the coin will hit $500,000 this market cycle as he expects the coin to surpass gold. He thinks that Bitcoin is fundamentally better than gold for a number of reasons, including the fact that it is absolutely scarce unlike the precious metal.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Has a Higher Market Cap Than All Public Companies But 11

0 Like(s)



You should also read...

Bitcoin 16/06/20 18:00 by Tony Spilotro
Over 900 Days Since Bitcoin All-Time High, Data Shows Another Year Before New Record
On December 17, 2017, Bitcoin price set a record for its all-time high, touching just under $20,000 before a reversal into a bear market took place. Since then, over 900 days have passed and with each...
Read More
Bitcoin 14/07/20 03:00 by Tony Spilotro
Data: Bitcoin Is In Accumulation, and That Means $10k Could Soon Break
Bitcoin price continues to trade sideways for several weeks now, bringing the asset’s notorious volatility to a chilling halt. This type of price action often indicates accumulation, which typic...
Read More
Bitcoin 21/08/20 03:00 by Tony Spilotro
Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K
Bitcoin price recently set a new high for 2020 but has since pulled back to just under $12,000. However, the cryptocurrency is slightly “ahead of schedule,” according to a top crypto exper...
Read More
Bitcoin 27/08/20 02:00 by Tony Spilotro
This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening
Bitcoin breaking through resistance at $10,000 was a pivotal moment for the cryptocurrency. At the same time, it also breached a long-term downtrend line and top of a symmetrical triangle formation da...
Read More
Bitcoin 08/10/20 19:00 by Tony Spilotro
Analyst: Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap
Bitcoin price is currently trading at just above $10,900, but it may not be doing so for much longer. As the cryptocurrency continues to build a bullish fundamental base, one crypto analyst claims the...
Read More