Bitcoin’s rise pushes BTC to overtake all global banks in market capitalization

Bitcoin (BTC)’s recent rally marked by mounting buying pressure has lifted the virgin cryptocurrency to overtake the leading traditional financial entities by market cap.

With a market capitalization of $443.04 billion as of January 24, BTC is worth more than any global bank. The capitalization has placed bitcoin as the 16th most valuable asset globally, according to MarketCap Company data.

As it stands, US banking giant JPMorgan Chase (NYSE:JPM) is closing in on Bitcoin with a market cap of $402.79 billion and 19 overall. Bitcoin’s valuation also ranks above Bank of America’s (NYSE:BAC) $274.44 billion valuation in 35th place.

Bitcoin market cap is higher than any other bank. Source: CompaniesMarketCap

Bitcoin and bank asset class teams

Although Bitcoin now controls a large market capitalization compared to traditional financial banks, both entities belong to different asset classes. The banks’ market capitalization is supported by stocks with underlying assets.

On the other hand, Bitcoin is not backed by any hard assets, its price is affected by volatility while it is influenced by speculation and general market sentiment.

Overall, Bitcoin’s latest milestone is a testament to advocates regarding the potential of cryptocurrency to replace the traditional banking sector once maturity is achieved.

Although Bitcoin recorded a market capitalization increase, many global banks are also seeing growth even though the global economy is facing uncertainty. For example, according to a Coinphony report, EU banks controlled assets worth €29.01 trillion in the third quarter of 2022, which represents a 11.54% year-on-year growth.

The Bitcoin milestone follows the digital asset’s impressive progression in 2023, as the leading crypto tries to find a bottom that could potentially lead to another rally. The rally saw bitcoin briefly overtake the market cap of electric car maker Tesla (NASDAQ:TSLA) as of January 23.

But as of press time, Tesla has flipped Bitcoin in market cap, with the electric car maker controlling $453.92 billion.

Bitcoin price analysis

As it stands, Bitcoin is trading at $22,881, up nearly 1% in the past 24 hours.

Seven day bitcoin price chart. Source: Coinphony

Currently, Bitcoin is trying to breach the $23,000 resistance, after breaching the position in the past few days.

Warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

Post-Bitcoin Rally Propelled BTC To Overtake All Global Banks In Market Cap appeared first on Coinphony.

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