The price of the world’s most popular cryptocurrency recently surpassed $34,000, reaching a new milestone seen 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, America’s JP Morgan chase presently has a market capitalization, valued at $387.3 billion. At the time of writing this report, Bitcoin comfortably outmatched JP Morgan Chase with a market value of $630 billion.
That said, all the other leading global banks in terms of their market value, fall behind Bitcoin’s market capitalization. They include Industrial and Commercial Bank of China, United States Bank of America, Wells Fargo, China Construction Bank, HSBC Holdings Plc., Agricultural Bank of China, Citigroup, Bank of China.
The flagship crypto is on its record high amid strong purchases seen in institutional and accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.
- At the time of writing this report, Bitcoin traded at $33,895.10 with a daily trading volume of $75,236,562,536. Bitcoin is up 15.54% in the last 24 hours. . The current market value stands at $630 billion.
- 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, but Bitcoin could easily break over $50,000 or drop below $20,000 momentarily.