Bitcoin (BTC) accomplished more than hit $60,000 per coin a week ago — it also became worth more than the world’s three greatest banks consolidated.
According to publicly available data, the biggest digital currency outperformed the three highest valued financial behemoths by market capitalization.
Bitcoin market cap blasts past financial heavyweights
At its unprecendented highs of $61,700, Bitcoin’s market cap was generally $1.15 trillion. The joined market cap of JPMorgan, Bank of America and The Industrial and Commercial Bank of China (ICBC) is $1.08 trillion.
The accomplishments don’t stop there — Visa and Mastercard, the biggest payment organizations, have a consolidated market cap of $871 billion, likewise now fundamentally not exactly Bitcoin.
Though BTC/USD has seen a slight pullback, bringing its market cap down to $1.03 trillion, it is still maintaining its trillion-dollar-resource title.
That level was recently tipped by analysts as an imaginable solidification zone, something which stays the case after Monday’s plunge took Bitcoin back underneath its past unsurpassed high set in late February.
Hot on the heels of gold
Dissecting the market cap information, on-chain analytics resource Ecoinometrics added that as of March 13, Bitcoin equalled 45% of the gold held in investment vehicles and 10% of the actual gold market overall.
To overshadow gold completely — something which is now a subject of discussion among market analysts — BTC/USD would have to exchange at $590,000.
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