Cointime

Cointime

Download App
iOS & Android

Bitcoin Rally Pushes BTC To Surpass All Global Banks in Market Cap

The recent Bitcoin (BTC) rally characterized by increased buying pressure has elevated the maiden crypto to surpass leading traditional finance entities in terms of market capitalization.

Indeed, with a market cap of $443.04 billion as of January 24, BTC is valued higher than any global bank. The capitalization has placed Bitcoin as the 16th most valuable asset globally, according to CompaniesMarketCap data.

As things stand, American banking giant JPMorgan Chase (NYSE: JPM) comes close to Bitcoin with a market cap of $402.79 billion and 19th overall. Bitcoin’s valuation also ranks higher than Bank of America’s (NYSE: BAC) at $274.44 billion in the 35th position. 

Bitcoin and banks asset class difference 

Although Bitcoin now controls a significant market cap compared to traditional finance banks, both entities belong to different asset classes. The banks’ market capitalization is backed by stocks with underlying assets. 

On the other hand, Bitcoin is not backed by any hard assets, with its price susceptible to volatility while being influenced by speculation and general market sentiment.

Overall, the latest Bitcoin milestone is a testament to proponents regarding the potential of the crypto to replace the traditional banking sector once maturity is realized.

Even as Bitcoin registered a surge in market cap, several global banks are also witnessing growth despite the global economy facing uncertainty. For instance, as per a Finbold report, European Union banks controlled assets worth €29.01 trillion during the third quarter of 2022, representing year-over-year (YoY) growth of 11.54%.

The milestone by Bitcoin follows the digital asset’s impressive 2023 run, with the flagship crypto attempting to find a bottom that would likely spark a new rally. The rally saw Bitcoin briefly surpass the market cap of electric vehicle (EV) maker Tesla (NASDAQ: TSLA) as of January 23.

However, by press time, Tesla had flipped Bitcoin in market cap, with the EV manufacturer controlling $453.92 billion. 

Bitcoin price analysis

As things stand, Bitcoin is trading at $22,881, gaining by almost 1% in the last 24 hours.

Currently, Bitcoin is attempting to break the $23,000 resistance level, having briefly breached the position in recent days.

Bitcoin Bitcoin $81,749.37
-2.01%
Bitcoin BTC
Comments

All Comments

Recommended for you

  • US Spot Ethereum ETF Sees Net Inflow of $14.98 Million Yesterday

    On October 22, according to monitoring by Trader T, the US spot Ethereum ETF recorded a net inflow of $14.98 million yesterday.

  • Sonic to Transfer 13 Million S Tokens via Strategic OTC Agreement in Next 24 to 48 Hours

    On October 22, Sonic announced on the X platform that approximately 13 million S tokens will be transferred in the next 24 to 48 hours under a strategic over-the-counter (OTC) agreement. The counterparty is a long-term partner of Sonic, and both parties will collaborate to expand Sonic's reach and enhance user engagement through the partner's network.

  • Bank of Korea Maintains Interest Rate as Expected

    On October 22, the Bank of Korea kept the policy interest rate unchanged at 3%, in line with market expectations. Previously, South Korea raised interest rates in consecutive meetings in July and August.

  • U.S. Treasury Secretary Becerra: GENIUS Act Establishes Federal Regulatory Framework for Stablecoin Payments

    U.S. Treasury Secretary Scott Becerra stated that the GENIUS Act is a milestone in the American financial sector, further solidifying the U.S. position as a global cryptocurrency hub. He compared the bill to the National Currency Act signed by President Lincoln in 1863, asserting that it establishes a federal regulatory framework for stablecoin payments in the digital age. Becerra also mentioned that the final rules issued by the Office of the Comptroller of the Currency (OCC) will facilitate the implementation of the bill, providing a clear and pragmatic institutional foundation for private sector innovation, market competition, and maintaining U.S. leadership in the digital asset space.

  • Kalshi to Support Crypto Asset-Backed Loans for Perpetual Futures Margin

    Prediction market platform Kalshi has reached a new arrangement with crypto asset custodian BitGo, allowing certain clients to use their custodial crypto assets as collateral for loans, which will be used for margin in leveraged perpetual futures trading on the Kalshi exchange. This arrangement is aimed at clients of Kalshi Prime, a futures commission merchant registered in the U.S. It employs a tri-party collateral management structure. Loans will be provided by its affiliated lending company, Kalshi Katalyst, with collateral assets held at BitGo Bank & Trust. Eligible collateral assets include Bitcoin, Ethereum, and stablecoins deemed compliant with the GENIUS Act, with plans to integrate additional custodians in the future.

  • Serious Security Vulnerability Discovered in PHP, Leading to Mass Shutdown of Government Websites in Europe

    On October 21, due to the discovery of serious security vulnerabilities in the widely used PHP programming language, multiple government websites across Europe and other regions were forced offline on Wednesday, prompting website operators to take urgent measures to protect system security. The PHP development team announced on Tuesday that two severe security flaws had been identified and urged users to update immediately after the release of the fix. On Wednesday, the PHP team confirmed that a new version addressing the vulnerabilities had been officially released. However, reports indicated that hackers were exploiting these vulnerabilities to breach websites, leading government agencies in countries such as the Netherlands and Finland to proactively shut down some sites before the patch was made available. PHP is one of the most widely used programming languages on the internet, supporting website platforms such as WordPress, Drupal, Joomla, and Magento. According to website technology statistics agency W3Techs, approximately 75% of websites that can identify their programming language use PHP. About 43% of websites globally are powered by WordPress, covering blogs, small business sites, government portals, e-commerce platforms, and news websites. This security incident has resulted in widespread disruptions to websites across multiple European countries, including the Port of Rotterdam, the government portal Overheid.nl, the Royal Netherlands Football Association, the websites of the country's five major political parties, and several hospital websites, all of which have been temporarily shut down.

  • US Stock Indices Open Slightly Higher; SpaceX Soars 8% After Earnings

    The three major US stock indices opened slightly higher, with the Dow Jones Industrial Average up 0.20%, the S&P 500 up 0.29%, and the Nasdaq Composite up 0.71%. SpaceX opened 8% higher, reporting third-quarter revenue of $14.6 billion, a year-on-year increase of 161%. Elon Musk stated that the annual recurring revenue (ARR) is expected to reach between $500 billion and $1 trillion by the end of 2027. Among other popular stocks, Nvidia rose 2.15%, Apple increased 0.09%, Google (Class A) fell 1.28%, Microsoft decreased 0.56%, Amazon was up 0.01%, TSMC rose 1.95%, SpaceX climbed 7.8%, Meta increased 0.24%, Broadcom rose 0.8%, Tesla was up 2.98%, SK Hynix increased 4.11%, Micron Technology rose 3.31%, AMD was up 2.25%, ASML increased 2.83%, Intel rose 2.01%, Cisco increased 0.67%, Oracle was up 1.55%, Dell Technologies (Class C) rose 7.81%, and ARM increased 2.78%.

  • ZEC Surpasses $1300

    Market data shows that ZEC has surpassed $1300, currently priced at $1315.68, with a 24-hour increase of 14.89%. Due to significant market fluctuations, please ensure proper risk management.

  • BTC falls below $67,000

    market shows BTC has fallen below $67,000, currently reporting at $66,987.51, with a 24-hour increase of 0.41%. The market is experiencing significant fluctuations, please be prepared for risk control.

  • BTC breaks through $67,000

    the market shows BTC has broken through $67,000 and is currently trading at $67,011.99, with a 24-hour decline of 0.26%. The market is volatile, so please be prepared to manage risks.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company