Bitcoin seems to be climbing higher and higher as it touched $12,470, crossing the resistance at $12,000 with ease.
With an increase in first-time investors, Bitcoin’s market capitalization crossed Bank of America’s valuation at a little over $226 billion and is inching closer to that of PayPal’s. $6 billion is said to have been recently invested in the crypto market.
Bank of America is said to have been making changes to the T&C to consider Bitcoin, Ethereum, Litecoin, and other cryptocurrencies cash equivalents. Bitcoin and crypto-related transactions would be tagged as cash advances.
While the highest-ever Bitcoin price was $20,089 in 2017 December, it’s the first time the cryptocurrency has crossed the $12,000-mark in 2020.
Based on the data shared by AssetDash, Bitcoin’s market assessment saw a 3.2% growth in 24 hours while Bank of America’s fell by 2% to settle at $224.96 billion. PayPal is at $230 billion, just one step ahead of Bitcoin.
While Bitcoin is showing all Bullish tendencies, the New Zealand dollar (NZD) also seems to have been pushed behind. FiatMarketCap is a website that tracks and studies the growth of Bitcoin against various fiat currencies. The website showed that Bitcoin crossed NZD’s market cap, which was approximately $227 billion (USD).
This puts Bitcoin at the 34th place in the list of most valuable fiat currencies. The famous cryptocurrency has already overtaken the Kuwaiti Dinar at 40th place, the Pakistani Rupee at 39th, the Moroccan Dirham at 38th, the Colombian Peso at 37th, and the Qatari Riyal at 36th place.
Not just that, Bitcoin has already surpassed PepsiCo ($190 billion), Cola ($207 billion), Netflix ($212 billion), AT&T ($212 billion), and Pfizer ($2017 billion). Considering the popularity of these companies, we can see positive signs of Bitcoin gaining more popularity with easy passing day.
Comments on Bitcoin’s Growth
Anthony Pompliano tweeted that Bitcoin has more chances of growing and would cross the market cap of gold by 2029.
Michael Novogratz, Wall Street vet and the founder of Galaxy Digital Holdings, said that Bitcoin is a better investment than gold, despite the shiny yellow metal racing ahead on the charts. With gold becoming harder purchase, Bitcoin is a favorable investment option, he said. He also mentioned that Bitcoin makes up for 25% of his net worth.
Paul Tudor Jones, the founder of hedge fund Tudor Investment Corporation and another famous billionaire said that he’d bet on Bitcoin and compared it with gold. His analysis was that with traditional investors looking at gold, those who wish for ‘new safe assets’ will turn to Bitcoin, making it a worthy choice.
Dave Portnoy, the founder of Barstool Sports, is said to have invested $200,000 in Bitcoin and $50,000 in Chainlink (LINK) after consulting the twins, Tyler and Cameron Winklevoss, founders of Gemini exchange.
It’s not just Bitcoin’s performance that’s encouraging. Other cryptocurrencies have outperformed Bitcoin by 80%, showing that they are not trailing behind. This is a strong indication of good days for cryptocurrency.
Want to learn more? This article might be of interest to you: