The market value of the cryptocurrency “Bitcoin” exceeded the market value of the three largest public banks in the world, after its increases at the end of last year despite the declines it suffered at the beginning of the year, as the market value of the largest cryptocurrency in the world reached $856 billion, which represents more than 52% of the market value.
The overall cryptocurrency market, according to data collected by Al Arabiya Business with this market value, “Bitcoin” outperforms “JP Morgan” with its market value of $498 billion, “Bank of America” with its value of $272 billion, and “ICBC” Bank of China with its market value of $224 billion.
Even the competing cryptocurrency “Ethereum” has a market value of $268 billion, and thus its market value exceeds that of many global public banks.
Investors are eagerly anticipating a decision from the Securities and Exchange Commission regarding the Bitcoin exchange-traded fund. Bitcoin (BTC-USD) prices have jumped over the past few weeks, as traders bet that ETFs will be approved.
In this context, eToro’s global markets strategist, Ben Laidler, told Yahoo Finance that despite it being the smallest and newest asset class, it “was the best-performing asset class.”
Laidler pointed out that there is a “long list of catalysts” for cryptocurrencies, including changes in banking regulation and the expected dilution of corporate ownership as indicators of the upcoming growth in the field of cryptocurrencies, and “Bitcoin” rose by 150% last year.
