Bitcoin (BTC) surpasses leading corporate giants, experts expecting attention from leading banks and firms soonNovember 10, 2020
BTC is undoubtedly the talk of the crypto tinsel town lately, especially after the coin crossed the $15k mark last week. The ruling cryptocoin’s market capitalization has reached an enormous height, so much so that the coin capitalization has even surpassed corporate giants like Disney, Salesforce, BofA, Netflix, Coca-Cola and PayPal.
Bitcoin’s rocketing market capitalization
In September, BTC’s market capitalization was something like 190 billion USD while the coin price was around 10,000 USD. Over the last couple of months, Bitcoin has successfully broken resistance levels which has surged the market capitalization to a solid 280 billion USD, making BTC way more valuable in comparison to most of the leading U.S. companies.
If a comparative study is drawn between BTC’s valuation and that of major publicly-listed companies in America, Bitcoin would probably stand tall as the 16th biggest firm.
At the 17th rank we have Home Depot which is only slightly higher in market cap (306 billion USD) compared to Bitcoin’s 280 billion USD. On the other hand, Verizon falls much behind Home Depot with a market cap of 242 billion USD.
Expectations of new ATH
As per the market analysts and experts, the #1 cryptocoin only shows signs of rallying higher lately and might experience price discovery as well as hit a new ATH by 2021.
One of the major reasons behind such a prediction is not only BTC’s current surge but also the incident of BTC halving which happened in May this year.
“If we look back, Bitcoin reached its ATH stage in 2017 after 15 months of its halving in 2016. The coin had the latest halving a few months back in May. In that light, we are expecting the coin would reach a new ATH in the middle quarter of 2021”, noted Sydney Ifergan, leading crypto expert and the CEO of The Currency Analytics
Major banks to show interest in Bitcoin
Bitcoin gathered many skeptics from the traditional financial industry when the coin was first launched. But, with the coin’s staying power improving with each passing year, the number of skeptics is declining while the volume of Bitcoin enthusiasts is increasing at a rapid scale. As per the experts, Bitcoin’s current rising market capitalization has further leveraged its status as a bankable asset and soon we will see attention from every major banking institution. The coin has been the sole best performer in asset class over the last decade and the conventional market is eventually acknowledging the true potential of the cryptocoin.
A line of corporate giants has already shown their faith in Bitcoin, prompting the speculation that many other leading mainstream companies would also follow suit. Major names that have claimed headlines with investments in Bitcoin are Square and PayPal. Then, of course, you have Microstrategy that has invested a whopping $425 million in the coin lately.
Bitcoin looks especially lucrative to institutions as it can serve as a great hedge resource within a diversified portfolio as well as can offer investors easy exposure to its asymmetric risk-reward prospective.