The cryptocurrency market cap is growing rapidly in the last few months. Among them, Bitcoin cryptocurrency is ruling the chart with a maximum market cap. With the latest report, Bitcoin has crossed a valuation of $920 billion that is more than the market cap of Visa, and JP Morgan which are known financial service providers in the world.
Bitcoin is Surging Exponentially
Without a doubt, Bitcoin has become the largest financial service in the world. As per experts’ opinion, very soon it will touch the $1trillion mark. In the last one and a half months, it saw an exponential surge from a $500 billion market in December to a market value of more than $920 billion currently.
Visa is having a market cap of $463 billion and JP Morgan has a total of $430 billion market value. These two oldest financial services together stand lower than Bitcoin value. Visa and JP Morgan is the second and third largest financial services after Bitcoin.
Even as Bitcoin may not be compared with enterprises as the former is a peer-to-peer software system and the latter are for-profit businesses. Currently, Bitcoin has left behind the top companies like Facebook, Tesla, Alibaba, and more. Gold is the most valuable asset with a market cap of around $11.50 trillion.
As per analysts’ view, cryptocurrency may replace the Gold in future. Right now, all cryptocurrencies in the world have a market value of approximately $1.5 trillion. 8452 cryptocurrencies exist in the world. Bitcoin stands strong with a total share of around 61%. Ethereum is the second most valued cryptocurrency with a market share of 15.5%. Tether occupies 3rd place with a market share of 2.4 percent.
With the latest report from CoinMarketCap, Bitcoin has crossed the $50,000 mark.
Future of Bitcoin
At the same time, India, one of the biggest digital market, is planning to ban all cryptocurrencies in the country. It is a big jolt for the future of Bitcoin. To promote Bitcoin in Africa and India, Twitter’s CEO is establishing trust. Shawn Corey Carter, the well known American rapper, is taking part in that trust with Twitter CEO. Shawn is also known as Jay-Z.
. “Jay-Z and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It’ll be set up as a blind irrevocable trust, taking zero direction from us”.
Already popular Bitcoin is surging after Tesla’s $1.5 billion investment in Bitcoin. Not only investment, Elon openly supported Bitcoin and called it the future currency for the world. With Elon Investment, Bitcoin saw a surge of 16% and Tesla’s share also increased by 2% on that day. Tesla also announced that customers can buy electric cars from Tesla with the help of Bitcoin.
PayPal is also opening doors for cryptocurrencies on its platform. As per the latest news, a user can buy, sell, and hold cryptocurrencies in its wallet on the PayPal platform.
We can’t deny the fact that some risks like hacking, password failures, systems failures can disrupt the whole market of Cryptocurrencies. It is volatile and a lot of security is required to maintain it in the future.