It’s for a while that Bitcoin started a Bullish run. It could reach its new yearly high of $12,470. Now Bitcoin is bigger than New Zealand dollar and Bank of America. Bitcoin is getting popular day by day and attracting new users to its network. Many new investors entered cryptocurrency market, and they mostly chose Bitcoin as an investment option. As a result, the Bitcoin market cap raised over Bank of America valuation and is close to PayPal’s.
Statistics from AssetDash show that Bitcoin market cap raised by 3.2% in the last 24 hours and reached $226 billion. On the other side, Bank of America experienced 2% fall in market cap by today to $224.4 billion. The current bullish trend from Bitcoin and the dramatic drop in BoA ranked Bitcoin as the 25th most valuable asset by market cap. It’s just behind PayPal with $230 billion market cap.
Bank of America is not the only fiat-based institution
Bank of America is not alone in the market; which Bitcoin could pass it by Market Capitalization. Statistics from FiatMarketCap, a website, which compares Bitcoin’s market cap with fiat currencies, shows that Bitcoin has greater market cap than New Zealand dollar (NZD) as well.
New Zealand dollar has roughly $227 billion in circulation. It shows that Bitcoin is the 34th most valuable of all fiat currencies.
Bitcoin Market Cap; traditional investors attracted to invest in crypto
The Bitcoin price increased significantly in 2020. The economic impact of COIVD-19 pandemic, revealed many truths about traditional currencies and banking system. As a result, many people educated themselves about decentralized currencies such as Bitcoin and attracted to crypto market.
Although famous investors like Warren Buffet were saying Bitcoin has no value, recently they changed their mind. One of Buffet’s institutions is going to invest in Bitcoin. In addition, other traditional investors such as Paul Tudor Jones is also bullish about Bitcoin and revealed that Bitcoin is part of his portfolio since May.
Dave Portnoy, the Barstool Sports founder, is another traditional investor, who joined crypto market. Recently, he revealed that he invested $20,000 in Bitcoin and $50,000 in Chainlink (LINK).