As the price per BTC is traded and buyers and sellers attempt to establish a fair market price, whatever the cryptocurrency trades at multiplied the supply of coins provides the total asset’s market capitalization.
Since the buy was made, Bitcoin’s market cap has ballooned to over $330 billion, setting a new all-time high. The price per BTC hasn’t set a new record just yet, but because the circulating supply has increased by over one million BTC over the last year due to the block reward miners receive. The lower price yet higher supply still resulted in a larger market cap for the top cryptocurrency.
Ethereum is next in line with $50 billion, and the size of the cap shrinks the further you go down the list. The last-ranked coin in the top ten, Cardano, only captures just 1% of Bitcoin’s capital allocation.
The cryptocurrency is also larger than Comcast, Coca-Cola, Verizon, Disney, and Home Depot. It is creeping up right behind tech firm Nvidia, which makes GPUs that are often used for cryptocurrency mining.
Above Nvidia, is Mastercard, and slightly higher up on the list is JP Morgan Chase, whose very own CEO Jamie Dimon has been one of the cryptocurrency’s biggest enemies over the years.
Bitcoin has already overtaken Bank of America, and it should serve as a shining example that these archaic institutions are no longer needed, and a decentralized world of digital finance is the way of the future.
Featured image from Deposit Photos, Charts from TradingView.com