Bitcoin’s market capitalization surpasses JPMorgan and Bank of America despite the market meltdown
Bitcoin (BTC) has been subject to significant selling pressure in 2022, which has weighed on the asset’s value. Despite Bitcoin’s protracted capital outflow, the asset’s market capitalisation remains superior to several conventional equities that hold actual real-world assets.
Specifically, Bitcoin’s market capitalization as of October 18 was $374.78 billion, establishing it as the fourteenth most valuable asset class worldwide. According to statistics from Companies Market Cap, Bitcoin’s market capitalization surpasses Walmart’s (NYSE: WMT) current worth of $363.93 billion.
Bitcoin has surpassed the market capitalizations of social networking behemoth Meta Platforms (NASDAQ: FB) and JPMorgan (NYSE: JPM), which manage $360.58 billion and $349.31 billion, respectively. Notably, Bitcoin advocates characterise the currency as digital gold, although the precious metal ranks first with a market capitalization of $10.942 trillion. Moreover, Bank of America (NYSE: BAC), ranks 31st with a market value of $278.82 billion, behind Bitcoin.
Despite being in existence for less than a decade, Bitcoin has gathered more money than the featured firms. At the same time, Bitcoin might have a better rating if market volatility was reduced.
In fact, Bitcoin’s value has decreased since late 2021, when it peaked at almost $1 trillion. The value propelled Bitcoin into the top 10 most valuable assets worldwide.
In addition, despite its volatility, Bitcoin’s price has lately steadied, converging around the $20,000 level. Bitcoin’s price movement is correlated with some of the highlighted conventional assets. In this line, both asset classes have notably traded in the red zone in response to the Fed’s rate rises, which have created a high inflationary environment.
Traditional businesses have an edge against Bitcoin since they continue to do business in a well-regulated environment. In addition, the digital asset’s future depends on the regulatory framework’s outcome.
Due to Bitcoin’s potential as a store of wealth, it is intriguing that certain firms are warming up to crypto. For instance, Walmart started hosting Bitcoin ATMs at several of its stores last year, and the business has said that cryptocurrencies are expected to significantly disrupt the payment industry.
Also Read: The UK Law Commission Will Evaluate International Crypto Legislation In Order To Propose Legal Revisions