The unit price of the world’s most popular cryptocurrency recently surpassed $34,000, reaching a new milestone on a leading crypto exchange, Bitstamp, and surpassing the market value of any bank on Earth.
What this means
The world’s most valuable bank, JPMorgan Chase of the United States, currently has a market capitalisation valued at $387.3 billion. At the time of writing this report, Bitcoin comfortably outperformed JPMorgan Chase, notching up a market value of $630 billion.
Record highs
All the other leading global banks fall behind Bitcoin’s market capitalisation in terms of market value.
They include the Industrial and Commercial Bank of China, Bank of America, Wells Fargo, China Construction Bank, HSBC Holdings plc, Agricultural Bank of China, Citigroup and Bank of China.
The value of the flagship crypto is at a record high amid strong purchases from institutional and accredited investors. The market activity has helped Bitcoin gain more exposure through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.
At the time of writing this report, Bitcoin was trading at $33,895.10, with a daily trading volume of $75,236,562,536, and was up 15.54% in the past 24 hours.
That said, while a price correction of the flagship crypto is inevitable, it may not be that deep, on the bias that no one can predict the future. Nonetheless, Bitcoin could easily break over $50,000 or drop below $20,000 momentarily.
Olumide Adesina
Adesina is a French-born Nigerian. He is a certified investment trader with more than 15 years of working expertise in investment trading. He is a member of the Chartered Financial Analyst Society. Follow him on Twitter: @tokunboadesina
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