Bitcoin’s market cap surpassed the market cap of most public companies in the world, except 17 after the strong surge over the past few weeks. BTC went through the muted stock market and its price increase by about 70% in the past five weeks while the S&P 500 gained only a few percent in the same time so let’s read more in today’s Bitcoin news.
The rally in the BTC price against other assets allowed it to set some major milestones. Just for context, Bitcoin’s market cap is basically at an all-time high despite BTC being a little shy of its all-time highs. Bitcoin’s market cap surpassed the market cap of most major public companies, according to Anthony Pompliano who is an investor in the crypto space and said that the number of companies that have a bigger market cap than BTC now decreased to 11:
“There are only 11 companies in the world who have a larger market cap than the Bitcoin settlement system right now.”
There are only 11 companies in the world who have a larger market cap than the Bitcoin settlement system right now. pic.twitter.com/AmYwLssvH7
— Pomp 🌪 (@APompliano) November 21, 2020
The data suggests that the number of much closer to 16 and 17 since the stock market rallied after Pompliano shared his data. These include Microsoft, Apple, Amazon, Saudi Aramco, Alphabet Google, Facebook, and others. It’s worth noting that the market cap of BTC surpassed the one of JPMorgan which used to be one of the first and harshest critics of bitcoin until the company decided to get into it. Analysts are sure that Bitcoin still has room to grow in this market cycle. Commenting on the factors that will drive BTC from the current price region of $100,000 and beyond this market cycle, Real Vision’s CEO Raoul Paul said:
“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense. The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – #bitcoin.”
Tyler Winklevoss is also huge on bitcoin. The Gemini co-founder and billionaire said that he believes the coin will hit $500,000 this market cycle as he expects the coin to surpass gold. He believes that BTC is better than gold for multiple reasons like the fact that it is scarce, unlike gold.
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