Bitcoin hits 3 Biggest Banks in the US as per market capitalization

Bitcoin is most possibly to attain a trading price that is crucially lower than its all-time high, which stood at $69,044 last year.
It is currently at about $19,443, whereas it was about $58,051 in this month of the last year.

Bitcoin got hit badly by the uncertain instability, which is said to affect the crypto industry as distortion as the “digital gold” carries on to trickle. However, having been affected by volatility resulting in lower prices in the past two-three months, Bitcoin is still able to beat even the biggest banks in the United States, like JPMorgan Chase.

An achievement like this is really appreciative, acknowledging these financial institutions is still doubtful about Bitcoin and similar cryptocurrencies like that.

On October 18, the overall market capitalization of Bitcoin touched $374.78 billion, taking it to the 14th most valuable asset class, as per the data from the CompaniesMarketCap. It is quite very impressive as Bitcoin has beaten other US banks in the same category.

JPMorgan Chase, an American multinational investment bank and financial services holding company, had a total market capitalization of $349.31 billion and put itself in 18th place.

Bank of America, Wells Fargo, Morgan Stanley, and Charles Schwab are among the top 10 biggest banks and bank holding firms regarding market cap. They hold a total market cap of $280.26 billion, $169.54 billion, $134.57, and $130.15 billion, respectively.

No one among them was even able to give a close fight to Bitcoin, which also handled to cross Walmart and Meta Platform Facebook, having a market capitalization of $363.93 billion and $360.58 billion, respectively.

It’s not the first time for Bitcoin

In February 2021, Bitcoin stood at $48,481, having an overall market capitalization of $900 billion. At that time, the digital asset was able to cross the unified market cap of JPMorgan Chase, Bank of America, and Citigroup Inc.

This incident happened before Bitcoin hit its all-time high later that year, calculating its total worth to even higher peaks, nearly about $1.28 trillion.

At a time when Bitcoin remains at the heal of the unstable nature of the crypto industry, it has shown once again that it has immense power. That, although, is being concealed by its gloomy performance of late.

At the time of writing, the “digital gold” is standing at $19,282, low by 1.1% in the past one day but is up by 1.2% for the last one week.

At the same time, the US has the largest volume of Bitcoin trading globally, at nearly $1.5 billion. Slightly more than 23 million people in the US now own Bitcoin, as per the Bankless Times, quoted data by PEW.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing