- Bitcoin has attained a market cap of $200 billion which puts it in the elite company of Netflix and telecom giant AT&T.
- The newly bull market of the Bitcoin’s $216 billion market cap has raised hope that it could well achieve its $300 billion mark as well.
The leading cryptocurrency Bitcoin is in the big league now in terms of the market capitalization. Bitcoin has attained a market cap of $200 billion which puts it in the elite company of Netflix, which has a market cap of $218 billion, and telecom giant AT&T, which has a market cap of $213 billion.
Bitcoin’s market cap is based on the value of outstanding stocks and coins which is then multiplied by the present price. The newly bull market of the Bitcoin’s $216 billion market cap has raised hope that it could well achieve its $300 billion mark as well which it had achieved in December 2017.
Although Bitcoins prices have fluctuated regularly, but off late in 2020, it has seen a sudden spike rising past several asset classes by a long way. Back in March, before the Covid-19 wrath, Bitcoin’s market cap held near $145 billion. In fact, in April, Amazon CEO Jeff Bezos’ touted a net worth of approximately $140 billion, with Bitcoin’s market cap near $130 billion. This appears to be a dream come true kind of a situation. This growth could well kick doors down of some of the financial institutions and investors could look at this decentralised solution.
Ethereum too making waves
And Bitcoin is not only one. Ethereum too has made considerable progress in the market cap. Ethereum which was established in 2015, stands at second position as the favourite cryptocurrency of the world. The market cap of Ethereum market cap stands at $44 billion, which puts it within striking distance of big names such as Dell.
Ethereum’s bull run can also be accredited to the boom in decentralized finance, also known as DeFi. DeFi is a set of non-custodial financial products that give users easy access to money and high-interest rates. DeFi protocols popularity has been heightened due to yield farming, where DeFi protocols offer users incentives for depositing their crypto with them.
Both Bitcoins and Etherum’s market caps comes at a time when most firms are struggling to keep up with the investment running during this Covid-19 pandemic. This climb is given all the major companies all over the world a good run for their money with an entirely open source code along with organically grown communities.