In the past seven days, Solana recorded maximum growth of 33 among the top 10 cryptos followed by 26 per cent growth of Polkadot, and a 27 per cent jump in prices of Binance Coin.
Growing mainstream adoption of Bitcoin among investors and governments globally has helped catapult Bitcoin’s value to stratospheric levels in the recent past, so much so that it has dominated nearly 50 per cent of the $2.7 trillion market cap (mcap) of all cryptos combined. In the category of financial service businesses, Bitcoin’s current market cap of $1.16 trillion is in fact, more than double the combined mcap of the two largest financial service companies JPMorgan Chase and Visa. According to the data from CompaniesMarketCap.com, the two firms had a combined turnover of $974.67 billion with JPMorgan Chase’s mcap at $503.24 billion and Visa’s at $471.43 billion, at the time of filing this report. Importantly, Ethereum’s mcap at $538.44 billion was also higher than mcap of JPMorgan Chase.
While cryptocurrencies and companies may not be comparable as cryptos are a peer-to-peer software systems while and latter are for-profit businesses, digital currency is theoretically the ninth biggest asset by mcap globally. Assets by CompaniesMarketCap included public companies, precious metals like Gold, cryptos, and exchange traded funds (ETFs) as well. While gold led the asset tally $11.5 trillion mcap, Bitcoin was ahead of other businesses like Facebook (now Meta), Berkshire Hathaway, Walmart, Samsung, etc.
Nonetheless, other top companies in the financial service category after JPMorgan and Visa were Bank of America, Mastercard, and PayPal with mcaps of $392 billion, $339 billion, and $267 billion respectively. Bitcoin had jumped from $60k on October 18 when the US Securities and Exchange Commission approved the first Bitcoin Futures ETF to nearly $67k on October 20. However, it was trading at the sub $62k mark at the time of filing this report, as per data from CoinMarketCap. In 2021, Bitcoin has grown around 129 per cent from $29,087 on January 1, 2021.
The jump has also been across altcoins. In the past seven days, Solana recorded maximum growth of 33 among the top 10 cryptos followed by 26 per cent growth of Polkadot, and 27 per cent jump in prices of Binance Coin. Meme coins Dogecoin reported degrowth of 0.89 per cent while Shiba Inu declined by nearly 13 per cent.
Investments into crypto funds and assets in the third week of October were recorded at $1.47 billion even as the total crypto assets under management (AUM) had reached a new record of $79.2 billion during the week, according to the data shared in the digital asset management firm CoinShares’ weekly report on digital asset fund flows. The surge in investments and AUM, as per the report, were on the back of all-time high growth witnessed in Bitcoin prices, Bitcoin Futures ETF approval, and the following consequent listing of two Bitcoin investment products with inflows worth $1.24 billion.