Tuesday, August 16, 2022

Bitcoin’s market cap at $1.1 trillion is bigger than Visa and Mastercard combined.

The Takeaway:

Bitcoin's market cap is now at above $1.1 trillion, which is worth more than Visa and MasterCard combined. It's even worth more than JPM, BoA, and Well Fargo – again, combined.

The leading cryptocurrency bitcoin’s market capitalization is now worth more than two of the largest financial service companies – Visa and MasterCard – combined. Moreover, BTC’s market cap is also higher than several of the largest US-based banks, including JPMorgan, Bank of America, and Citigroup. The world’s largest cryptocurrency has been on a mind-blowing bull run since early October when it dabbled with $10,000. 


Bitcoin continues to witness massive growth. 

Bitcoin’s price has skyrocketed more than six-fold within a few months. Naturally, it also impacted the cryptocurrency’s market capitalization, which is well above $1 trillion. Bitcoin’s market cap has surpassed those of notable names such as Netflix, Walmart, Samsung, Alibaba, Berkshire Hathaway, Tesla, Facebook, and more. According to AssetDash data, financial service firm Visa is currently the 13th largest asset by market cap with $490 billion, while MasterCard takes the 18th position with $374 billion. Put together, the market capitalizations of both financial giants are worth $864 billion.


Bitcoin market dominance is at its lowest since April 2019.

Bitcoin soared above $60,000 last weekend after a significant rise in demand. The cryptocurrency is currently trading near $60,200 with a market cap of more than $1.1 trillion. According to Coinmarketcap, the market dominance of Bitcoin has plunged since the start of this year. BTC’s current market dominance stands at around 54%, down from 70% in January 2021. The market dominance of BTC has reached its lowest level since April 2019. The latest surge in XRP and Binance Coin has played a significant role in Bitcoin’s market dominance decline. Ripple’s XRP, the world’s 4th largest cryptocurrency, has jumped nearly 90% in the last seven days. 

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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