Banking Crisis Propelled Bitcoin To Surpass Visa And JPMorgan In Market Capitalization
Bitcoin (BTC)’s recent surge in pressure has attracted a significant inflow of capital amid chaos in the banking system, giving the asset an upward momentum and elevating its rank among investment products.
In this sequence, bitcoin’s market capitalization has reached $524.14 billion, making it the 11th largest asset globally by market capitalization, data obtained from company market cap Indicates March 24.
This puts bitcoin just one spot away from re-entering the top ten category of most valuable assets, currently held by electric vehicle maker Tesla (NASDAQ:TSLA), which has a market capitalization of $602.09 billion.
Top Assets by Market Cap Source: CompaniesMarketCap
The latest capital inflow has pushed the first cryptocurrency ahead of traditional finance giants like payments platform Visa (NYSE:V), which is now ranked No. 15 with a market capitalization of $460.16 billion, and banking giant JPMorgan Chase (NYSE:JPM). , Which Lies is ranked 21st with a capitalization of $365.24 billion.
Top Assets by Market Cap Source: CompaniesMarketCap
Bitcoin rallies amid banking crisis
A report by Finbold on March 21 highlighted bitcoin’s performance in the wake of the banking sector crisis, indicating that five major US banks will lose a cumulative market capitalization of $108.92 billion in 2023, while bitcoin has lost $108.92 billion in its cumulative market capitalization during the same period. Added $219.86 billion to market cap.
The crisis in the banking sector was further underlined by the collapse of high-profile lenders such as Silvergate Bank, Silicon Valley Bank and Signature Bank, while Swiss banking giant Credit Suisse was sold to UBS after running into trouble.
Bitcoin’s rise amid traditional finance woes has led supporters to believe a paradigm shift is underway that could cement its status as a safe-haven asset.
Initially due to the bearish prospect of the Federal Reserve raising interest rates, bitcoin has posted gains despite a rate hike for the ninth time in a row.
Commenting on the situation, Peter Schiff, a bitcoin skeptic and CEO of Euro Pacific Asset Management, believes that the ongoing situation is comparable to the 2008 crisis and described it as a ‘sequel’ that is more It’s going to be bad too.
btc price analysis
Currently, bitcoin is trading at $28,170 with weekly gains of 6% and is targeting new levels after hitting new multi-month highs.
Bitcoin seven day price chart. Source: Finbold
Following recent price action, bitcoin is aiming to reclaim $30,000, a position that could initiate a potential trajectory toward $40,000, with investors keenly monitoring how the asset reacts to interest rate hikes. Will react
Disclaimer: The content of this site should not be considered as investment advice. Investment is speculation. When investing, your capital is at risk.
Source: finbold.com
