By Sabina Muradova
On Nov 09, 2020
After jumping to $15,000, the world’s best-known cryptocurrency bitcoin (BTC) overtakes PayPal, Netflix, and Coca-Cola by the total market value.
The cryptocurrency market is very unpredictable, and at the same time, quite exciting. Just a few months ago, the price of Bitcoin was fluctuating around $ 10,000. At that time, the market cap of the leading crypto was near $ 190 billion.
The last two months, nevertheless, have been profitable in terms of both price and market dominance. Since the end of August, the price has got an increase by over 60% as the market gained confidence. Last week, the Bitcoin price surpassed $ 15,500, reaching its highest level since January 2018. With the rising price, the total market value of Bitcoin increased from $ 190 billion to about $ 280 billion. At the time of writing, the market fluctuates around $281 billion, and this value is continuous to grow every day. That makes the largest crypto asset in terms of market cap more valuable compared to most large companies in the United States.
As everybody knows, Bitcoin is the largest cryptocurrency with a market value. Looking at the list of “Largest Companies by Market Cap Today” published by Dogs of the Dow, Bitcoin seems to have surpassed some of the big companies too.
Comparing the market capitalization of US-listed companies with the market capitalization of Bitcoin, major crypto managed to become the 18th. Since the market cap of bitcoin is currently around $ 281 billion, it is larger than any company except the top 17 companies in the US. If the market value of bitcoin continues to be this high, the digital asset could rise to rank 16 or even 15. The 17th largest company in the US is Home Depot, with a market value of $ 306 billion. Verizon is lagging with a valuation of $ 242 billion. As you can see in the table below, by its market cap, Bitcoin positioned between two of them.
The leading cryptocurrency Bitcoin overtakes companies like PayPal, Disney, Netflix, and Coca-Cola by the total market value. However, at the current price, it is still behind the major financial institutions in the US in terms of market capitalization. Such as Mastercard, JPMorgan, and Visa. Besides, Bitcoin has to rise somewhere near $ 120 thousand to catch Apple, the most valuable company in the world, with a market value of $ 2 trillion.
Of course, bitcoin is not a company, and we cannot compare digital currency to a company. However, even if Bitcoin is not listed on this stock exchange, it is interesting to assume that the value of the network is greater than the Coca-Cola brand, for example. This symbolizes how strong Bitcoin looks in terms of the market value.
Bitcoin evolves every day and continues to break some key resistances. At the time of writing, the leading crypto is trading around $ 15,171.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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