The world’s most prominent cryptocurrency Bitcoin continues to validate the name “Crypto King”. The crypto hit a market capitalization of $500 Billion yesterday when it crossed the $28,000 mark. This made Bitcoin more valuable than some of the biggest companies around.
The price of Bitcoin has been steadily increasing ever since it crossed the $20,000 mark about two weeks ago. Since then, it has been breaking all-time highs consecutive and was at a new ATH of $28,000 yesterday. It is now more valuable than electronic giant Samsung, which reached a market cap of 468.99 billion dollars this December.
Surprisingly, the crypto is also now of more value than Walmart, the biggest retailing outfit in the world. It beat Walmart with a difference of about $100 billion in market cap. Walmart is notably the first company on the Fortune 500 list and for Bitcoin to beat the market cap, makes it an enormous milestone achievement.
For those unfamiliar with how market capitalization works, it is not that complex. Market capitalization is simply an indication of how big or valuable a company is. The higher the market cap, the bigger the company is: as an indication of its strength. In cryptocurrency, a huge market cap also means people know about the coin and are trading it actively.
Bitcoin Price to the Moon
As mentioned earlier, the “King Crypto” has seen an impressive price rally in the last two weeks. What could be the reason for this continuous price increase? Well, one reason could be that the demand for the crypto has increased recently, especially among instructions. In the last 3 months, a good number of institutions have invested in the anonymously-owned crypto. MicroStrategy, Square, CoinShares, and Grayscale Investment all made heavy Bitcoin purchases this month.
The crypto price is forecasted to continue to rise as more and more people show interest in the currency. According to data from CoinGecko, it currently, dominates the crypto market by an amazing 67%. The crypto is currently trading hands at $26,920 at the time of writing.