Bitcoin soared past the $18,500 mark to set another yearly high reaching $18,936 late night on Friday. On its way to the new yearly high, the king coin also surpassed the $350 billion market capitalization, making it bigger than JP Morgan for a brief period of time. The price fell back to $18,600 levels soon after and it is currently trading at $18,635. Although the market cap has fallen to $345 billion, it is only a matter of time before the top cryptocurrency becomes more valuable than most of the financial institutions which called it a bubble a couple of years ago.
JPMorgan market cap: $349 billion
Bitcoin market cap: $350 billion
Checkmate, Jamie Dimon. Checkmate.
— Pomp ?? (@APompliano) November 21, 2020
JP Morgan was among the first institutions to publically mock bitcoin calling it an internet bubble waiting to burst, however, later the financial giant themselves incorporated crypto offerings for their clients looking at the growing demand. Jamie Dimon, the CEO of JP Morgan still has his reservations about the current value of bitcoin, but its rising stature as the new store-of-value asset is quite obvious given mainstream asset management firms like BlackRock and Grayscale are investing heavily in the digital asset.
MILESTONE: Grayscale just surpassed $10 billion total AUM. It's yet another reason to #GoGrayscale. pic.twitter.com/j5mWQbIzGm
— Grayscale (@Grayscale) November 17, 2020
Bitcoin Now More Valuable Than MasterCard and PayPal
The ongoing bitcoin bull rally has pushed bitcoin price to a three-year high and the king coin is currently trading in the same price region as it was trading during the 2017 December high. However, a lot has changed in these 4 years as bitcoin is no more a speculative asset as it was during the last bull run. The current market cap of the king coin has made it bigger than many well-established companies such as MasterCard, PayPal, and Nvidia.
Bitcoin is currently sitting at 16th position in terms of assets with the highest market cap and if this bull run continues to push the price further it can well be in the top 10 in the coming months.