Once again, Bitcoin, the largest cryptocurrency by market cap, has broken new ground to hit yet another all-time-high of above $26, 000.
This time however its different as this also marks the first time Bitcoin officially becomes the largest financial service ‘company’ in the world at the current market cap of $497.4 billion.
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SEE ALSO: The Total Cryptocurrency Market Cap Grew By More than 3.3x in 2020 Alone, Latest Report Shows
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To put this in perspective, at the current market valuation , Bitcoin is now officially:
- The largest financial services ‘company’ in the world
- The 21st largest currency globally
By extension, the entire cryptocurrency market cap, of about $720 billion at the time of this writing, now means it is:
- More valuable than Tesla ($627 billion)
- More valuable than Alibaba ($638 billion)
- More valuable than TenCent ($690 billion)
- Slightly less valuable than Facebook ($761 billion)
As institutions continue to pile up their Bitcoin reserves and drive the price further up, many long-time traders and hodlers are increasingly becoming confident that the days of Bitcoin below $20, 000 are quickly fading away.
Where we go from here is pretty much obvious, but its clear that well-financed institutions are now in play and we can all guess the direction the prices are likely to go.
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RECOMMENDED READING: Binance, The World’s Largest Exchange, Expected to Make $1 Billion in Profits in 2020, Says CEO
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