Bitcoin is enjoying a bullish this week as the price sets a new 2020 high.
As the leading digital currency surpassed $13,000 for the first time since early June 2019, Bitcoin's market cap also jumped to $230.5 billion.
Bitcoin’s market cap is on an uptrend ever since the March sell-off, which resulted in it going under $100 billion. But now, we are on a level not seen since mid-January 2018, as per Bitinfocharts.
At the peak of the 2017 bull run in December, Bitcoin recorded a market capitalization ATH of nearly $325 billion.
If Bitcoin’s market cap breaks this high, it will put the digital asset at 16th place, replacing Mastercard based on market cap, 7 spots above its current place while beating the likes of PayPal, JPMorgan Chase, and Home Depot.
Currently, Bitcoin is at 22nd place by market cap, overtaking Coca-Cola, Netflix, Intel, Disney, Salesforce, and Verizon, as per Asset Dash.
Just before this week, Bitcoin had entered the top 30th place flipping Bank of America but this week’s gains of 16.6% thanks to PayPal announcing support for the flagship cryptocurrency has it flying. Jake Chervinksy, General Counsel at Compound Finance said:
BITCOIN'S VALUE HAS INCREASED EXTRAORDINARILY SINCE ITS PRICE LAST PEAKED IN 2017. WE'VE SPENT 3 YEARS BUILDING MATURE MARKET INFRASTRUCTURE, RESOLVING REGULATORY ISSUES, & GAINING LEGITIMACY & ADOPTION IN MAINSTREAM CIRCLES. PRICE WILL REFLECT ALL OF THIS WORK SOONER OR LATER.”
The digital asset still has a way to go. The top spot sits Apple with a whopping over $2 trillion market cap followed by three other trillion dollar brands Microsoft, Amazon, and Alphabet.
For Bitcoin to enter into the trillion-dollar category, the price of each BTC must spike to about $54,000. And to replace Apple to become the biggest asset, Bitcoin’s price needs to jump past $100k.