Bitcoin’s New Yearly High Makes it Bigger Than JP Morgan
Bitcoin soared past the $18,500 mark to set another yearly high reaching $18,936 late night on Friday. On its way to the new yearly high, the king coin also surpassed the $350 billion market capitalization, making it bigger than JP Morgan for a brief period of time. The price fell back to $18,600 levels soon after and it is currently trading at $18,635. Although the market cap has fallen to $345 billion, it is only a matter of time before the top cryptocurrency becomes more valuable than most of the financial institutions which called it a bubble a couple of years ago.
JPMorgan market cap: $349 billion
Bitcoin market cap: $350 billionCheckmate, Jamie Dimon. Checkmate.
— Pomp ???? (@APompliano) November 21, 2020
JP Morgan was among the first institutions to publically mock bitcoin calling it an internet bubble waiting to burst, however, later the financial giant themselves incorporated crypto offerings for their clients looking at the growing demand. Jamie Dimon, the CEO of JP Morgan still has his reservations about the current value of bitcoin, but its rising stature as the new store-of-value asset is quite obvious given mainstream asset management firms like BlackRock and Grayscale are investing heavily in the digital asset.
MILESTONE: Grayscale just surpassed $10 billion total AUM. It's yet another reason to #GoGrayscale. pic.twitter.com/j5mWQbIzGm
— Grayscale (@Grayscale) November 17, 2020
Bitcoin Now More Valuable Than MasterCard and PayPal
The ongoing bitcoin bull rally has pushed bitcoin price to a three-year high and the king coin is currently trading in the same price region as it was trading during the 2017 December high. However, a lot has changed in these 4 years as bitcoin is no more a speculative asset as it was during the last bull run. The current market cap of the king coin has made it bigger than many well-established companies such as MasterCard, PayPal, and Nvidia.
Bitcoin is currently sitting at 16th position in terms of assets with the highest market cap and if this bull run continues to push the price further it can well be in the top 10 in the coming months.
- Binance to Compensate Users After Ethena’s USDe Depeg During Crypto Market Crash
- Tom Lee’s Fundstrat Predicts Ethereum Rally to $5,500 Following ETH ‘Bottom’
- Is the Bitcoin Top In? Raoul Pal Signals Higher Liquidity Cycle Despite Market Selloff
- Expert Says XRP ETF Approval Is ‘Getting Close’ As Issuers File Amendments
- Hyperliquid DEX Outperforms Top Crypto Exchanges Coinbase, Binance, Robinhood With Zero Downtime
- PEPE Coin Price Reenters Historical Demand Zone as Whales Accumulate $5M— Can It Repeat Its 123% Rally?
- Bitcoin Price Prediction as Trump’s Tariff Shock Triggers $19B Liquidation
- Can $TAPZI Reach $1 In Q1 2026?
- Here’s Why XRP Price May Have a Zcash-Like Surge
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
