Bitcoin is undoubtedly the world’s largest cryptocurrency and going by the current available data, its market cap is way above that of the 3 biggest banks in the market. Not only that, its market cap is also now bigger than that of both Mastercard and Visa combined. The market cap of the leading financial gateway systems stand around $871billion, which is way below the market cap of Bitcoin.
When the digital gold hit its high of $61,700 last week, its market capitalization was around $1.15 trillion and that was more than that of the Industrial and Commercial Bank of China (ICBC), Bank of America, as well as JPMorgan, whose combined market cap stands at $1.08 trillion.
Even though the BTC/USD has experienced some pullback, its market capitalization still stands at $1.03 trillion, which is still significant. Its recent dip in price took the value of the digital coin to the previous peak it enjoyed in February. As it stands, it currently trades around $56,000.
Also, the Bitcoin’s performance is impressive when compared to Microsoft; for example, it moved from the being an asset that has little to no value to being worth over $1 trillion within the best part of a decade. This is 3x faster than when Microsoft became a trillion dollar company too.
Available data also shows that the market cap of BTC is equivalent to 10 percent of gold’s physical market and also 45 percent of the value of the precious metal held in investment vehicles. Analysts have posited that the digital currency’s market cap could usurp that of gold if starts trading for $590,00.