Crypto News

Bitcoin’s market cap surpassed that of the world’s largest banks

With the awakening of the digital currency market in the new year, the market value of Bitcoin as the leader of this market has also seen a significant jump.

According to Wallex and quoted by Bitcoinist, Bitcoin with a market cap of $443 billion as of January 24, 2023 is more valuable than any other major bank in the world.

According to data from CompaniesMarketCap, Bitcoin is currently the 16th most valuable asset in the world in terms of market capitalization. According to this data, the market cap of the digital currency market is slightly more than one trillion dollars.

According to the chart of this site, the market cap of the large American bank JPMorgan Chase is $402.7 billion, which ranks it 19th.

Bitcoin is worth more than Bank of America (ranked 35) with a market cap of $274.44 billion and Morgan Stanley with a value of $159.97 billion.

Ethereum, the world’s second largest cryptocurrency, ranks 62nd with a market cap of $186.97 billion. This rank puts it ahead of two Chinese banks, Bank of Construction (ranked 69) and Agricultural Bank of China (ranked 87).

In the traditional financial field, the market value or market cap refers to the total value of all public shares issued by companies.

In its short life span, Bitcoin has managed to attract the attention of users and expand its market compared to old and traditional competitors.

According to Edul Patel, CEO of Mudrex, Bitcoin’s rally means “the bulls are actively trying to re-start the uptrend.”

The market value of Bitcoin has increased by 36% from the $325 billion recorded on December 23, 2022. At that time, the MasterCard payment company with a market cap of 328 billion dollars was a little higher than this cryptocurrency, and Elon Musk’s “Tesla” was the 13th largest company in the world with 396 billion dollars.

Due to the nature of risk hedging against traditional assets, Bitcoin has attracted the attention of various governments around the world.

Proponents of the world’s oldest digital currency continue to fight for global acceptance of this asset; Acceptance that can make this bitcoin become the most valuable asset in the world.

At the same time, Bitcoin analysis shows that several such indicators are charting the awakening of the network in the new year and promising a favorable opportunity to buy Bitcoin.

The post Bitcoin Market Cap Exceeds World’s Biggest Banks appeared first on Wallex Blog. appeared.


hello my name is amir; i love bitcoin and dogecoin 🎯

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