In a new development, Bitcoin’s (BTC) market value has soared to surpass the combined valuation of the top four leading banks to become the eighth most valuable asset in the world.
Interestingly, BTC’s latest feat is coming after a week of marked declines across the flagship crypto market indices. Notably, BTC’s market readings on CoinGecko revealed that the token traded between minimum and maximum prices of $68,544.21 and $71,713.94, respectively, in its 7-day price statistics, underscoring the significant plunge in Bitcoin’s market readings for the past week.
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Meanwhile, at the time of press, Bitcoin is changing hands at about $69,500, having registered a slight 0.3% upswing in the past 24 hours. Impressively, BTC seems to have stabilized around the $69,000 price region, evidenced by its 24-hour minimum and maximum price range of $69,213.73 and $69,828.81, respectively.
Bitcoin’s Market Value At $1.37 Trillion
According to a recent post by “Coinpedia Markers,” a crypto price tracker platform, BTC’s market value has skyrocketed to about $1.37 trillion and now ranks as the world’s eighth most valuable asset.
As expected, Gold remains the most-priced global asset with a $15.527 trillion market valuation. Microsoft and Apple followed in second and third place, respectively, with a $3.150 trillion and $3.09 trillion market worths.
Notably, Google and Amazon completed the top five world’s most valuable assets with market cap worths of $2.164 trillion and $1.917 trillion, respectively. Saudi Aramco and Silver occupied the sixth and seventh place, correspondingly, with $1.846 trillion and $1.668 trillion market valuations.
Just In: #Bitcoin Market Value Surpasses Combined Value of Top Three Global Banks 🔥🚀
The market value of #BTC stands at $1.37 Trillion.
Whereas the Combined Value of #JPMorgan Chase, Bank of America, and Industrial and Commercial Bank of China stands at $1.15 Trillion. pic.twitter.com/XFucbPd3zs
— Coinpedia Markets (@MarketCoinpedia) June 10, 2024
Bitcoin Surpasses Top 4 Global Banks Market Worth
Aside from attaining the eighth most valuable asset spot courtesy of its $1.37 trillion market cap worth, representing about 51.2% of the entire market cap, the tremendous market value also saw BTC surpass the combined valuation of the top four global banks.
Per CompaniesMarketCap statistics, JP Morgan Chase is the largest bank by market cap with a valuation of $574.19 billion. Bank of America and Industrial and Commercial Bank of China (ICBC) were ranked second and third, with market caps of $311.09 billion and $258.43 billion, respectively. Rounding up the top five, Wells Fargo and Agricultural Bank of China followed with corresponding valuations of $203.46 billion and $200.42 billion.
Source: CompaniesMarketCap
Relative to BTC’s market value, adding all the market cap valuations of the top four ranking banks will amount to $1.347.17 trillion, over $20 billion less than Bitcoin’s $1.37 trillion market cap worth.
Don’t Miss: Bitcoin Price Prediction 2024 – 2040
Estimated Bitcoin’s Market Value If It Hits $250K
While Bitcoin might seem to have declined, as stated earlier in this insight, chances about the coin’s bullish run still abound, especially considering that the crypto market is yet to swing into a full rally mode.
The calm before the storm pic.twitter.com/gxJh6cN3gO
— Yoddha (@CryptoYoddha) June 10, 2024
Hence, it becomes relatively safe to say that Bitcoin could hit some projected price targets set by many analysts following deep analysis and observation of the coin’s historical trends.
Should Bitcoin eventually soar to attain a $250K selling price, it implies that its market cap worth will skyrocket to $4.928 trillion, making it the second world’s most valuable asset behind Gold. It is left to see how events unfold. However, BTC has shown tremendous growth potential, which validates its push toward attaining prices as high as $250k.
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