Tuesday, October 19, 2021

Bitcoin price – Bitcoin market cap hits new all-time excessive and surpasses JPMorgan at $352M

Amid an ongoing parabolic bull run, Bitcoin (BTC) is breaking one other main milestone when it comes to its market capitalization in opposition to American banking large JPMorgan.

On Nov. 24, Bitcoin surpassed the $19,000 price mark for the primary time since December 2017, breaking one other all-time document in its market cap.

At publishing time, Bitcoin’s market cap is $352 billion, up from $345 billion 24 hours in the past.

In keeping with information from Macro Traits, JPMorgan’s market cap closed at $349 billion on Nov. 23. Earlier this 12 months, JPMorgan’s market cap dropped to as little as $258 billion.

Bitcoin all-time market capitalization. Supply: CoinMarketCap

The corporate’s CEO Jamie Dimon has emerged as a outstanding critic of Bitcoin, calling the main cryptocurrency a “fraud” and a “scam” again in 2017.

Dimon has not modified his adverse stance on BTC regardless of the rising bull run and main firms like PayPal shifting into Bitcoin. At The New York Occasions DealBook On-line Summit on Nov. 18, Dimon in contrast the seminal cryptocurrency to proprietary blockchain networks with regulatory controls, stating, “Bitcoin is form of completely different and it’s not my cup of tea.” 

Regardless of its CEO’s skepticism of Bitcoin, in October 2020, JPMorgan reportedly instructed traders that “the potential long-term upside for Bitcoin is appreciable,” suggesting that BTC price can be doubling or tripling in the long run.