Bitcoin's Market Cap Exceeds Bank of America, Wells Fargo
In mid-November 2022, Bitcoin’s market cap dominance dropped down to 35.27%. Post a gradual recovery, the number now stands at ~40%. The market cap dominance reveals the asset’s percentage share in the total crypto circulating market cap. Thus, the higher the percentage, the more dominant and vice versa. Leaving aside the crypto industry, Bitcoin’s market cap exceeds a host of prominent names from traditional finance. Multinational financial service companies and investment banks like Bank of America , Insurance Corporation of British Columbia [ ICBC ], and Wells Fargo are currently valued at $273 billion, $218.4 billion, and $161.6 billion respectively. China Construction Bank , one of the “big four” banks in China, is worth $160.1 billion, while Charles Schwab ’s valuation currently stands at $155.03 billion. Trading at a price of $16.7k at press time, the cumulative worth of Bitcoin stood at $324.6 billion. Only JPMorgan Chase had a hig...