The cryptocurrency market has reached a major turning point, surpassing the value of public American banks.
The cryptocurrency industry has finally achieved its goal of taking over banks.
The overall crypto market exceeded the value of the S&P Composite 1500 Bank index, which tracks the performance of public banking institutions in the US, according to Jim Bianco of Bianco Research.
As reported by U.Today, the cumulative market capitalization of all cryptocurrencies exceeded $ 2 trillion for the first time on April 5. Today, according to data from CoinMarketCab, this value has dropped to just under $ 2 trillion. ($ 1.98 trillion)
Bianco, this milestone; Amidst the ongoing rally, he attributes market share to the presence of altcoins approaching a two-year high. The researcher believes that despite their enormous gains, they have more scope for work: “Altcoins reached 70% of the 2018 universe (usually ETH). Then the bubble burst! This amount shows that altcoins have not been given much care compared to Bitcoin, or that DeFi / ETH is the area of action. ”
Despite its declining dominance, Bitcoin is still worth more than Bank of America, JPMorgan Chase and Wells Fargo combined alone.
To see how exciting this situation is, we can give an example; Just a year ago, the value of the entire crypto market was smaller than that of JPMorgan, the largest US bank.
If the cryptocurrency market value doubles itself from this point, it will exceed the value of all American financial companies, including stock exchanges, asset managers, brokers and leasing companies. According to Binanco’s estimates, the total crypto market value will have to quadruple itself in order to outshine all financial companies in the world.