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Bitcoin market cap tops $400 bln, more than any global bank

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Bitcoin’s market capitalisation of $421.28 bln market cap is higher compared to any bank globally, pushed by institutional investors, according to data produced by Bankr, the financial comparison site.

As of December 17, 2020, when the BTC price reached an intra-day high of $23,629, JP Morgan’s $367.82 bln market cap was the largest in the banking sector, but trailed Bitcoin.

China’s ICBC is the second-largest bank with a market cap of $258.07 bln, followed by Bank of America at $248.45 bln.

China Construction Bank ranks fourth at $186.81bln, with the Agricultural Bank of China capping the top five spot with a market cap of $165.62 bln.

Japan’s SoftBank ranks sixth with a market capitalisation of $142.2, bln followed by Bank of China at $130.52 bln. Citigroup follows with a market cap of $124.39 bln.

Wells Fargo has a market capitalisation of $122.58 bln, while the Royal Bank of Canada ranks in the tenth spot with a market cap of $116.24 bln.

 

BTC attracts investment interest

The Bankr report traces the surge in Bitcoin market value over the recent months.

According to the research report, investments made in Bitcoin by major companies like MicroStrategy and Stone Ridge, public support for crypto from prominent financial experts, the recent Bitcoin halving, and other factors have also given Bitcoin’s price a major boost over the past few months.

“As the benchmark cryptocurrency, Bitcoin has gotten to a place where institutional investors and banks are legitimately looking at investing in the sector as a defense against currency devaluation.”