Bitcoin (BTC) price surges from $10,000 to over $15,000, with its market capitalization rising above $280 billion from $190 billion. With this market cap, BTC is now larger than most major companies in the United States.
BTC overtook many major companies such as PayPal ($237.5 billion) and Disney ($230.3 billion). Furthermore, it went on to surpass Netflix ($227.4 billion), Coca-Cola ($212.5 billion), and Bank of America ($210.3 billion).
Notably, the BTC market cap is a little lower than the 17th largest company in the US, Home Depot. The company settles at a market cap of $306 billion.
Following then is Verizon, which falls behind it with a $242 billion market cap. Therefore, BTC is equivalent to the 18th largest commercial company in the US.
Significantly, the world’s top valuable company, Apple has a $2 trillion market cap. For BTC to surge above Apple, it has to be priced at $120,000 per unit.
BTC ranks lower than financial companies like Mastercard ($312.7 billion), JPMorgan Chase ($313.8 billion), and Visa ($422.3 billion). Thus, BTC’s price should reach $23,000 to surpass them and have a $426 billion market cap.
Often, investors compare BTC to gold as a store of value. Currently, the metal has a market cap of around $8 to 9 trillion. Therefore, Bitcoin’s price should be around $380,000 to surpass this.
With this, analysts anticipate a price rally until 2021. Moreover, analysts expect BTC to surpass its previous 2017 all-time high (ATH) of around $20,000. The June 2020 Edition of Bloomberg Crypto Outlook predicts BTC to hit an ATH of $20,000 before the end of the year.