Bitcoin is Now Bigger Than JPMorgan

Bitcoin is Now Bigger Than JPMorgan

By Abhimanyu Krishnan | News | 25 Nov 2020


Bitcoin’s market cap has reached a new “milestone” -- surpassing investment bank JPMorgan Chase’s market cap on Nov. 23 with a market cap of $356.6 billion. 

  • Bitcoin’s recent rally, which has put it tantalizingly close to its all-time high, has the asset’s price at roughly $19,000
  • At the time of publishing, Bitcoin’s market cap is approximately $356.5 billion -- JP Morgan’s market cap is $351.2 billion
  • Bitcoin’s price has been buoyed by many positive developments in the last few months, including support from PayPal and the arrival of more institutional funds
  • The futures and options data for both Bitcoin and Ethreum also suggest that there might be more fuel in the rally, with investors’ positions expecting a price rise in Dec.
  • The bank’s CEO Jamie Dimon has previously called Bitcoin a “fraud” and last week made less directly critical remarks by saying that “Bitcoin was not his cup of tea”
  • However, analysts from JPMorgan recently said that Bitcoin “could easily double or triple in value” -- a sharp turn from its once highly critical position on the asset

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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