Bitcoin's market value exceeds Visa and Mastercard combined

According to public data, the largest cryptocurrency by market value exceeds the combined market capitalization of the world's three largest banks.

Bitcoin's market value surpasses financial stalwarts

At its all-time high of $61,700, Bitcoin’s market capitalization was about $1.15 trillion, while the combined market capitalizations of JPMorgan Chase, Bank of America, and Industrial and Commercial Bank of China were $1.08 trillion.

Bitcoin’s performance last week didn’t stop there. The combined market capitalization of the largest payment networks, Visa and Mastercard, is $871 billion, which is also significantly lower than Bitcoin’s.

BTC/USD has since seen a minor correction, bringing its market cap down to $1.03 trillion, but it still retains its important title as a trillion-dollar asset.

That level was previously considered by analysts as a possible consolidation range, and that remains the case after Monday’s drop took Bitcoin back below its all-time high set in late February.

Others point out that its ascent has been impressive — Bitcoin, for example, went from zero to $1 trillion in network value 3.6 times faster than Microsoft.

Bitcoin is catching up with gold

On-chain analytics resource Ecoinometrics added that as of Saturday, Bitcoin was equivalent to 45% of gold held in investment vehicles and 10% of the entire physical gold market.

To fully swallow up gold’s share, BTC/USD would need to trade at $590,000. This is already a topic of debate among market participants.

Meanwhile, both Visa and Mastercard are embracing the need to incorporate Bitcoin into their future corporate strategies, Cointelegraph reported.