Bitcoin experienced a dramatic fall in 2022 after it slipped from $35,000 in early January to $19,000 in October. BTC is down nearly 50% this year and is trading backward for 10 months straight. The ongoing market conditions have hit both stocks and cryptos sending them tumbling to new lows. However, despite the harsh bearish conditions and increased selling pressure, Bitcoin’s market cap is withholding amid adversity.
Also Read: Bitcoin Could Drop Massively in Price From $19,000 Levels
As of today, Bitcoin’s market cap stands at $370 billion and is classified as the 14th most valuable asset in the world, according to data from CoinMarketCap.
Bitcoin’s market cap is higher than traditional banks such as JP Morgan and Bank of America. While JP Morgan’s market cap stands at $349 billion, Bank of America’s market cap is at $280.27 billion. Bitcoin’s market cap is much ahead despite several crashes the markets experienced this year.
Also, BTC’s market cap is above retail-giant Walmart ($364 billion), above Meta Platforms Facebook ($356 billion), and above Chevron ($318 billion).
Bitcoin accumulated more capital than the global companies that have existed for decades. The crypto has grown at a rapid speed and could attract many more investors in the long run. Therefore, the more investors BTC gets, the more its market cap would reach newer highs as the years pass by.
Also Read: Can Bitcoin Reach $22.7K In the Next 2 Weeks?
Bitcoin Vs Traditional Markets
Traditional markets like stocks are regulated and come under the purview of the governments. However, Bitcoin is yet to be regulated and no framework has been churned out by the worldwide governments. This keeps BTC at a disadvantage as new investors might find it to be unsafe due to no regulations.
On the flip side, a handful of Fortune 500 companies are buying Bitcoin as an investment vehicle. Read here to know the top 5 global companies that have largely invested in Bitcoin.
Also Read: 3 Best Cryptos Under $1 to Watch Out in 2022
At press time, BTC was trading at $19,197 and is down 1.8% in the 24 hours day trade. The king crypto is down 72.1% from its all-time high of $69,044, reached in November last year.