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Bitcoin Surpasses Netflix, PayPal, Nike, And Other Biggest US Companies By Market Cap - Binaryx
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Bitcoin Surpasses Netflix, PayPal, Nike, And Other Biggest US Companies By Market Cap

With each new maximum, Bitcoin is becoming an even stronger competitor in the global financial game. More than 20 of the largest US companies are already behind Bitcoin in terms of market capitalization. Will Bitcoin be able to break the price record in 2021?  

Bitcoin market capitalization exceeds $280 billion

As the price skyrocketed, Bitcoin’s market cap reached $284 billion. Not all global companies can boast of such a result. Today, Bitcoin is in the top 20 largest US companies with multibillion-dollar turnover in terms of total market value.

In terms of market capitalization, Bitcoin is ranked 18th in this ranking, where Verizon is now located with a market capitalization of $242 billion. Bitcoin is still behind Home Depot, the largest US retail chain with a capitalization of $306 billion. Of course, Bitcoin is still far from the level of Tesla, Amazon, Apple, but the crypto asset already has reason to be proud because it was able to bypass other market giants.

Today, Bitcoin surpasses Netflix, PayPal, Disney, Adobe, Nike in terms of market capitalization.

Of course, the bullish price dynamics were the starting point for the growth of the market value of Bitcoin. Over the past month, the crypto asset has risen in price by almost 42% and continues to be above the important psychological milestone of $15,000. Over the past 2 months, Bitcoin’s market capitalization has grown by more than $90 billion from $ 190 billion in September to $284 billion today.

Bitcoin rises 250% after March collapse

In 2020, Bitcoin was able to demonstrate its technical strength and maturity as an asset class. The collapse in March and Black Thursday became a kind of marker for the transformation of the attitude towards cryptocurrency as an investment instrument. What to talk about when the two largest banks JPMorgan Chase and Goldman Sachs, which used to be skeptical about Bitcoin, now positively assess its dynamics.

Compared to traditional assets, Bitcoin was able to overcome the March turbulence at an accelerated pace and emerged victoriously. Bitcoin is up 250% since March, while JPMorgan Chase and Goldman Sachs are up 31% and 50%, respectively.

When viewed in terms of market capitalization, of course, Bitcoin is still inferior to JPMorgan Chase and Goldman Sachs, and Visa. To overtake the company’s data, Bitcoin needs to achieve a capitalization of $426 billion. This scenario will be realized when the price of Bitcoin reaches the level of $23,000.

What could be the driver for the increase of Bitcoin’s market cap?

The bulls continue to move the price of Bitcoin upward, step by step updates the records of 2020. Most analysts are confident that Bitcoin is now repeating its pattern of behavior in 2017 when within 15 months after the second halving, the flagship crypt soared to $20,000. Bitcoin is forecast to hit an all-new All-Time High (ATH) by July 2021.

The entry of new participants to the crypto market can become a powerful incentive for the continued growth of the Bitcoin price and, accordingly, the market capitalization. Interest among investors is already clearly visible as a trend and is an excellent signal for the crypto market as a whole.