Bitcoin continues to push the cryptocurrency industry toward widespread acceptance on a worldwide scale, engaging directly with big traditional entities such as banks.
The crypto’s remarkable market capitalization is illustrative of the asset class’ future potential.
Bitcoin has been at the vanguard of the cryptocurrency industry; not only has it been the top digital currency, but it has also been the top choice for the majority of crypto users, making it a solid predictor of the crypto market as a whole.
Bitcoin, the world’s largest cryptocurrency with a market valuation of $443 billion as of January 24, is way more valuable than any major bank.
Bitcoin Is King When It Comes To Market Cap
According to data from CompaniesMarketCap, BTC is now the 16th most valuable asset in the world based on its market value. The data also shows that the total market capitalization of all cryptocurrencies was trading at over $1.04 trillion, up 0.32% in the previous 24 hours.
The CMC data also shows that American banking behemoth JPMorgan Chase trails BTC with a market capitalization of $402.7 billion and ranks 19th overall.
BTC’s valuation also surpasses those of Bank of America, ranked 35th with $274.44 billion, and Morgan Stanley, ranked 77th with $159.97 billion.
Shivam Thakral, CEO of BuyUcoin said:
“The crypto market had an exciting weekend with BTC crossing the $23,000 mark for the first time in 5 months. The demand for BTC is mainly driven by institutional investors who are increasing their holdings in anticipation of the next bull run.”
Ethereum ranks No. 62 with a market cap of $186.97 billion, surpassing two Chinese banks: China Construction Bank (No. 69) with a valuation of $167.75 billion and Agricultural Bank of China (No. 87) with a market cap of $150.41 billion.
In the traditional financial industry, market capitalization refers to the total value of a publicly traded company’s outstanding shares. The market capitalization of Bitcoin is a term that represents the relative strength of a cryptocurrency.
BTC Takes On Mastercard & Tesla In Market Cap
In this situation, Bitcoin has an amazing development history with a rapidly expanding market, while being far younger than the surveyed banks.
According to Edul Patel, CEO and Co-Founder of Mudrex, the price surge indicates bulls are “actively attempting to drive a bullish trend in the market.”
The market capitalization of BTC increased by 36% from the $325 billion recorded on December 23, 2022. During that month, Mastercard stood slightly above the alpha coin with a market cap of $328 billion, while Elon Musk’s Tesla held the 13th biggest market cap with $396 billion.
Bitcoin has drawn the attention of governments owing to the fact that it has served as a hedge against unstable currencies despite remaining highly volatile like other cryptocurrencies.
Advocates of the most sought-after crypto continue to campaign for the asset’s global adoption, which might propel its market capitalization to unprecedented heights.
Meanwhile, as the Bitcoin network continues to surge this year, several on-chain indicators are presenting a favorable buying opportunity.
Bitcoin: 6 on-chain metrics calling for a generational long-term buying opportunity
— Game of Trades (@GameofTrades_) January 23, 2023
Since the beginning of 2023, Bitcoin has awoken from its slumber to post a 35% increase. According to researchers, though, on-chain data suggests it could be a “generational buying opportunity.”
As of this writing, Bitcoin is trading at $22,733, up 7.5% in the last seven days, data from Coingecko shows.
-Featured image from Inc. Magazine