Bitcoin has now overtaken overtakes Bank of America and New Zealand Dollar by market capitalisation
As Bitcoin reaches a new yearly high of $12,470, the world’s most popular cryptocurrency has overtaken Bank of America in terms of market capitalisation, CoinTelegraph reported. Bitcoin’s market capitalisation has risen past the Bank of America’s market value and that of New Zealand’s fiat currency is now just a stone’s throw of PayPal’s.
According to AssetDash, Bitcoin’s market capitalization currently sits at a little over $226 billion with a 3.25% rise in the last 24 hours. Bank of America, on the other hand, has seen a drop of 2.15% in the last 24 hours and has a market capitalization of about $224 billion.
Bitcoin’s bullish trend and the slight fall in Bank of America’s market value has led Bitcoin to raise to the 25th spot in the list of most valuable assets by market capitalization. It is just behind PayPal which sits at $230 billion.
FaitMarketCap, a site that tracks BTC’s rise against major fiat currencies has also revealed that Bitcoin’s bullish behavior has put its market capitalization value ahead of that of New Zealand Dollar (NZD).
The milestone can be attributed to the growth of Bitcoin’s influence in 2020 due to controversial measures taken by regulators across the world to lessen the economic impact of the ongoing COVID-19 crisis which has encouraged first-time investors and traditional investors to enter the crypto space.
Bitcoin has also witnessed large investments from institutional investors like multi-billion-dollar business intelligence company MicroStrategy and asset manager Grayscale.
Billionaire Warren Buffett stated that cryptocurrencies, including Bitcoin, “basically have no value”. However, Morgan Creek Digital’s Jason Williams has predicted that Buffett’s multinational conglomerate holding company, Berkshire Hathaway could itself invest in Bitcoin.
Paul Tudor Jones was another billionaire who revealed that crypto assets were part of his investment portfolio. Barstool Sports founder, Dave Portnoy is the newest face in the crypto world as he purchased $200,000 in Bitcoin and $50,000 in Chainlink (LINK) after his exchange with the founders of Gemini.
Bitcoin is currently exchanging hands at $12,253.01 and a crypto fund manager has predicted that the currency will “explode” once it hits $13,000.
Written by Harshini Nag