As of Friday, the Bank of America holds a market cap of over 226 billion USD, while Bitcoin plays within the 215 and 217 billion USD range, and even hit a tad above the 217 billion dollar mark at the end of the 6th day of August. Bitcoin dominates 62% of the total cryptocurrency market.
The leading cryptocurrency is no exception to unpredictable ups and downs, but it seems as if the second quarter of 2020 is treating BTC quite well.
Prior to the global economic downfall caused by the Coronavirus pandemic, the Central US Bank was priced at 168 billion dollars in the month of March. Bitcoin held 145 billion to its name.
Jeff Bezos, billionaire CEO of Amazon, reached a net worth of almost 140 billion USD, and BTC nearing 130 billion. One can say that Bezos can just easily buy the entirety of BTC with spare change, but if technicalities are applied, it does not seem feasible with Bitcoin’s rise and fall tendencies.
Now, it really is impossible seeing as Bitcoin surpassed Bezos’s current 189 billion dollar net worth.
The calculations for profitability of crypto-miners are reliant on a few factors that are inherent in the blockchain’s distinctions, which makes it easier to anticipate. There are patterns to watch out, one example being the “halving” of BTC back in May. This offers a choice for miners to stay or opt out of the network depending on the price.
Albeit strong beliefs that BTC will hit the $20,000 pricing before the end of 2020, doubts still hang in the air, and there are still those who anticipate a crash. There has been a steady rise recently, but not everyone believes it will last.
The cryptocurrency market is still likened to the stock market by Changpeng Zhao, CEO of Binance, a cryptocurrency exchange platform, and still not immune to downfalls.
"People should not take the description of bitcoin as a safe haven asset too literally," CZ said to Bloomberg.