Bigger than Disney. Bigger than Netflix. And soon Bitcoin could be bigger than the company that started its rally.
Bitcoin’s market capitalization has grown dramatically over the years and has recently secured a place among the top 25 companies and assets by market capitalization.
At the time of going to press, the market capitalization of Bitcoin (BTC) is nearly $240 billion. The coin ranks 22nd in a list of the top 100 stocks, ETFs and crypto-currencies by market capitalization compiled by AssetDash. Apple holds 2 trillion dollars. US Dollar market value, followed by Microsoft and Amazon.
Bitcoin had a bullish day after payment giant PayPal made a major news release. At the time of going to press, Bitcoin is only one place behind PayPal, which is in 21st place.
However, Bitcoin’s market capitalization is not at its highest level. A snapshot was taken on CoinMarketCap on December 17, 2017, the day of Bitcoin’s last all-time high, when the asset had a market capitalization of $320.5 billion. The price here was $19,140 per coin.
The oldest crypto currency is still a dreamlike story. Since it was issued in 2009, Bitcoin has grown from a few cents to thousands of US dollars per coin. In the process, it has fought countless battles while creating an entire industry around itself and its underlying technology.
Every time one crypto currency overtakes another crypto currency or competing financial product in the crypto industry, this process is called „flipping“. For example, some experts suspect that Ethereum (ETH) could be facing such a flippening in 2017, when the number two in the industry will outperform the market leader Bitcoin in terms of market capitalization. However, so far no crypto project has succeeded in doing so.
On October 21, PayPal had confirmed the rumor that the payment service provider will integrate Bitcoin, Ethereum, Bitcoin Cash (BCH) and Litecoin (LTC) on its own platform. When the crypto currencies are used for payments, they will be automatically converted into fiat currencies by PayPal.
Following the announcement, Bitcoin took a big leap forward, because although the crypto currency was already on the upswing, it made up more than $1,000 in just 48 hours.