Bitcoin (BTC) gained over $ 60,000 per coin last week – and it’s also more valuable than the world’s three biggest banks combined.
According to publicly available data, the largest cryptocurrency has surpassed the three largest global banking giants in market value.
Bitcoin’s market value surpasses strong financial forces of the past
At a record high of $ 61,700, Bitcoin’s market cap was around $ 1.15 trillion. The combined market value of JPMorgan, Bank of America, and Industrial and Commercial Bank of China (ICBC) is $ 1.08 trillion.
The successes don’t end there – Visa and Mastercard, the largest payments networks, have a combined market capitalization of $ 871 billion, which is now much less than Bitcoin.
Since then, BTC / USD has fallen slightly, bringing its market value to $ 1.03 trillion, and it still holds the sizable asset bond of $ 1 trillion.
Analysts had previously focused on this level as a potential area for consolidation, which remained after Monday’s decline that brought Bitcoin below its all-time high at the end of February.
Others note that its rise has been impressive – the Bitcoin network has grown from zero to $ 1 trillion, 3.6 times faster than, say, Microsoft.
Hot on golden heels
When analyzing the market value data, analysis provider Ecoinometrics added that as of March 13, Bitcoin accounted for 45% of the gold held in investment vehicles and 10% of the total market. physical gold.
To completely ignore gold – which is already under discussion among market participants – BTC / USD should trade at $ 590,000.
Bitcoin Market Value Comparison Table. Source: Ecoinométrie / Twitter
Meanwhile, as Cointelegraph reports, Visa and Mastercard agree on the need to integrate Bitcoin into future business strategies.