Bitcoin has again made the news for the right reasons after the digital asset price touched another all-time high in the early parts of today. With that, the digital asset’s market capitalization has made another remarkable high, touching $460 billion in the process.
At that figure, Bitcoin can now boast of a market capitalization that is more than that of payments facilitation firm Visa. Analysts have mentioned that the digital asset is touted to hit the predicted $30,000 region even though its price is still hovering around the $26,000 price mark.
Bitcoin bullish run is pushing its market cap higher
Bitcoin previously beat its former all-time high record set in 2017 before making another one when the asset’s price touched $24,000 on several crypto exchanges. With the previous new high coming days before Christmas, Bitcoin surged well over and created another all-time high record as it hit the $25,000 price level on Christmas day. With Christmas done and dusted, Bitcoin is still not tired as the digital asset has continued to hit new record prices in the wake of the previous one.
Presently, Bitcoin is trading around the $25,900 region, with the digital asset moving into $26,000 on some occasions. While Bitcoin was busy hitting new price records, its market cap has been soaring high since the bullish run started. With Bitcoin now successfully trading around this region, the leading digital asset’s market cap is now close to $478 billion as of yesterday, eclipsing that of Visa, which currently stands at $460 billion, according to data by Yahoo Finance. Presently, it looks like Visa is not the only party that the new Bitcoin market cap is outshining as it has also surged past that of TSMC and Samsung.
Institutional investors are entering the Bitcoin market
Bitcoin is a protocol that was built and developed to favor peer to peer payments, while Visa is a corporation that was established to make profits. Even though it looks like both of them were designed for the same goal, analysts have always argued that one cannot compare both of them when it comes to the services that they offer. With Bitcoin’s market capitalization surpassed that of the firms mentioned above, it means that the digital asset is now in the top 11 firms across the globe.
While that is something to cheer about, the motive behind the price rise has been the growing adoption of Bitcoin by institutional investors worldwide. Even now, the demand for Bitcoin among high-value clients can be said to be on a rapid rise. This new feat will further increase the adoption of Bitcoin as investors will be comfortable that their investments is doing well and bringing home profits.
Accredited traders and investors are also springing up in the digital asset market, with most of them choosing to pool their funds with the Chicago Mercantile Exchange and Grayscale. Presently, CME has nothing less than $17 billion in Open Interest Bitcoin, while Grayscale boasts around $1 billion.