The market value of Bitcoin has made a significant jump due to the recent price increase, which means that the cryptocurrency is now larger than many corporations.
At the beginning of September, the market capitalization of Bitcoin ( BTC ) was 190 billion US dollars, at that time the price of the cryptocurrency was just under 10,000 US dollars.
Two months later, BTC has now climbed to more than $ 15,000 , which in turn has catapulted market capitalization from $ 190 billion to $ 280 billion. Bitcoin is currently more valuable than many large American corporations.
Bitcoin moves up to 18th place
Compared with the listed companies in the USA, Bitcoin is currently the 18th largest company.
In 17th place is the American home improvement chain Home Depot, which has a market capitalization of 306 billion US dollars, while the telecommunications company Verizon ranks 18th with 242 billion US dollars.
Bitcoin is now pushing itself into the considerable gap between the two, with a market value of 280 billion US dollars, pushing the cryptocurrency to 18. With the exception of the top 17, this makes it larger than any other company in the USA.
Bitcoin has left some big names behind in the past few months, including Netflix, PayPal, Bank of America, Coca Cola, Salesforce, and Disney.
The largest US corporations by market capitalization
Nonetheless, Bitcoin continues to sit between the three largest financial institutions in the United States, Visa, Mastercard and JPMorgan. In order for the cryptocurrency to overtake all three, it would have to climb to a market value of US $ 23,000 or exceed a market capitalization of US $ 426 billion.
In order to catch up with Apple, the largest company in the world, Bitcoin would have to create a fabulous price of 120,000 US dollars. This is the only way to increase the tech company’s market capitalization of 2 trillion. US dollars to be caught up.
Bitcoin is becoming more and more attractive for investors
Meanwhile, the crypto analysts assume that Bitcoin will continue to soar in late 2020 and early 2021 and climb to a new record high.
In 2017, Bitcoin reached a record high 15 months after the “halving” of 2016, in which the block reward or the rate of increase in the amount of cryptocurrency in circulation is literally halved. The next “halving” followed in May 2020, making it all the more likely that there will be a new record high by mid-2021 at the latest, provided that past developments are repeated.