Another milestone has happened to Bitcoin before the year ends. From a market cap of $190B, it rose to $280B surpassing Paypal with a market cap of $237B. Even Verizon falls behind with a market cap of $242B. Other companies surpassed by Bitcoin include Adobe, Salesforce, Disney, Netflix, and Coca-Cola. What was the reason for the increase in Bitcoin’s market cap?
In September, the bitcoin price was at $10,000 with a market cap of only $190B. But there has been a surge in its price in recent months. Currently, the price of bitcoin is now at $15,000 causing an increase in its market cap to $280B.
Bitcoin has recorded 100 days with its price above $10,000. On Wednesday, President Donald Trump threatened to stop the vote-counting causing a 3.3% drop in bitcoin’s price. But the digital currency rebounded and continued its rally. As of writing, the current price of bitcoin is now at $ 15,231.97. This is 23.8% behind its recorded lifetime high in December 2017.
Experts predict that the price will soar even higher. With Joe Biden being declared as the next U. S. president, there will be less uncertainty in the market. But with President Donald Trump threatening to contest the outcome of the election, we will be expecting volatility in the crypto market including that of Bitcoin.
From its first invention in 2008 by Satoshi Nakamoto, surely bitcoin has traveled a long, long way. Since then, it has become the most favored cryptocurrency. With its current price, it is undeniably the most dominant amongst other digital assets. Whether bitcoin will remain bullish or become bearish, will largely depend on the factors that will cause its volatility. There was news circulating that around $816M of bitcoin was moved from Binance. Are investors preparing for a rally? Will bitcoin ever hit $20,000 again as it did way back in 2017? With Bitcoin surpassing Paypal and other big U.S. companies we can anticipate that its price will go up even higher.