Bitcoin is enjoying a bullish this week as the price sets a new 2020 high.
As the leading digital currency surpassed $13,000 for the first time since early June 2019, Bitcoin’s market cap also jumped to $230.5 billion.
Bitcoin’s market cap is on an uptrend ever since the March sell-off, which resulted in it going under $100 billion. But now, we are on a level not seen since mid-January 2018, as per Bitinfocharts.
At the peak of the 2017 bull run in December, Bitcoin recorded a market capitalization ATH of nearly $325 billion.
If Bitcoin’s market cap breaks this high, it will put the digital asset at 16th place, replacing Mastercard based on market cap, 7 spots above its current place while beating the likes of PayPal, JPMorgan Chase, and Home Depot.
Currently, Bitcoin is at 22nd place by market cap, overtaking Coca-Cola, Netflix, Intel, Disney, Salesforce, and Verizon, as per Asset Dash.
Just before this week, Bitcoin had entered the top 30th place flipping Bank of America but this week’s gains of 16.6% thanks to PayPal announcing support for the flagship cryptocurrency has it flying. Jake Chervinksy, General Counsel at Compound Finance said,
“Bitcoin’s value has increased extraordinarily since its price last peaked in 2017. We’ve spent 3 years building mature market infrastructure, resolving regulatory issues, & gaining legitimacy & adoption in mainstream circles. Price will reflect all of this work sooner or later.”
The digital asset still has a way to go. The top spot sits Apple with a whopping over $2 trillion market cap followed by three other trillion dollar brands Microsoft, Amazon, and Alphabet.
For Bitcoin to enter into the trillion-dollar category, the price of each BTC must spike to about $54,000. And to replace Apple to become the biggest asset, Bitcoin’s price needs to jump past $100k. But as Dan Tapiero, co-founder of 10T Holdings, notes,
“It’s still so early for bitcoin. Still at the birth of a new global asset class.”