Bitcoin [BTC] price after it surpassed the $60k benchmark per coin last week – also became worth over the world’s three biggest banks combined.
In line with the publicly available data, the leading cryptocurrency surpassed the three highest-valued global banking giants by market capitalization.
Bitcoin market cap blasts past financial stalwarts. At its all-time highs of $61.7k, Bitcoin’s market capitalization was roughly $1.15 trillion. The combined market cap of JPMorgan Chase, Bank of America & the Industrial and commercial bank of China is $1.08 trillion.
The achievements don’t stop there: Visa and Mastercard, the renowned payment networks, have a combined market cap of $871 Bln, also now significantly but less than Bitcoin combined.
Since then, BTC/USD has seen a small pullback, bringing its market cap right down to $1.03 trillion, still holding the many trillion-dollar-asset titles.
That level was previously tipped by analysts as a possible consolidation zone, something that is still the case after Monday’s dip took Bitcoin back below its previous all-time high set earlier in late February.
While others have also what outlined, is impressive – Bitcoin went from 0 to $1 trillion in network value 3.6x times faster than Microsoft, for instance.
Analyzing the market capitalization data, on-chain analytics resource Ecoinometrics outlined that as of Saturday, Bitcoin equaled 45% of the gold held in investment vehicles and 10% of the physical gold market as an entire.
To eclipse gold entirely, something that’s already a subject of debate among market participants, BTC/USD might trade at $590,000.