2 November 2024
Bitcoin's Market Cap Rises Ahead of JPMorgan Chase and Bank of America
Bitcoin's (BTC) market capitalization has now exceeded the valuation of the world's largest financial institutions amid a sustained bull run that catapulted the largest crypto asset above the $48,000 bar.
According to CoinMarketCap, Bitcoin's market capitalization has surged above $900 billion as it has reached an all-time high of $48,745 on February 12th meticulously exceeding the valuation of the financial giants like Visa ($462.93 billion), PayPal ($349.44 billion), and Mastercard ($339.10 billion). Also, the Bitcoin's market cap is greater than the combined value of JPMorgan Chase ($430.72 billion), Bank of America ($288.67 billion), and Citigroup ($132.48 billion) with an aggregate market cap of $851.87 billion as per the data of CompaniesMarketCap.
Presently, Bitcoin is ninth on the list of top assets by market cap. Gold is ahead with a market cap of $11.59 trillion followed by iPhone maker Apple, petroleum and natural gas titan Saudi Aramco, and tech goliaths Microsoft and Amazon. The king coin (Bitcoin) is above electric car firm Tesla, social media giant Facebook, and Chinese e-commerce company Alibaba in the ranking, but below Google-parent company Alphabet, and Shenzhen-based tech firm Tencent.
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Ethereum (ETH) has also entered the list of top 100 assets by market cap. The leading smart contract platform takes the 52nd place with a market capitalization of $209.7, surpassing Wells Fargo and Morgan Stanley's valuations.
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