And we have another new situation here and a reason to celebrate. After a massive upward trend in cryptocurrency markets, the market capitalization of Bitcoin (BTC) outperformed some major publicly traded companies, such as Intel and Coca-Cola.
Following the bull market, which was enjoyed by almost all cryptocurrency enthusiasts at the end of July, there was a significant increase in the bitcoin market cap, which exceeded $ 200 billion. At the time of writing, this value is over $ 207 billion.
So what is the bitcoin market cap right now?
As such, Bitcoin currently has a higher market capitalization value than, for example, the shares of major global companies such as Intel or Coca-Cola. On July 31 this year, shares of Intel and Coca-Cola closed at a market cap of $ 203 billion ($ 202 billion, respectively). On the other hand, the chart below shows us the development of the bitcoin market cap over the last seven days. Intel has been experiencing a sharp sell-off lately.
Intel, a leading global technology company, has seen a significant decline in market capitalization in recent days. After the company released very disappointing revenue figures on July 22, the company’s total market capitalization fell below $ 259 billion and subsequently (until July 24) lost another $ 45 billion, according to Macro Trends – see the following graph.
It is worth mentioning here that this is not the first time that Intel has remained (in terms of market capitalization) behind Bitcoin. For example, during 2017, Intel did not exceed $ 220 billion, while Bitcoin’s total market capitalization exceeded $ 300 billion. During the historic bull run, BTC reached its current historical maximum of about 20,000 USD.
Coca-Cola’s market capitalization has fallen below $ 200 billion since March.
Amid the uncertainty caused by the coronavirus pandemic, the beverage giant Coca-Cola also suffered significant losses when it was hit by a considerable wave of sales earlier this year. In March 2020, Coca-Cola depreciated more than $ 90 billion in one month. Data released last week shows that the sell-off eventually resulted in the most significant decline in the company’s quarterly revenues in the previous 30 years.
Bitcoin, on the other hand, has seen several bullish movements this year, bringing it more than $ 80 billion in capitalization since January 1, 2020. Besides, on August 2, Bitcoin reached its maximum this year, when its price touched 12,000 USD.
At the beginning of this year, almost all markets were hit by the coronavirus pandemic. The situation was very gloomy, now the cryptocurrency markets are quite optimistic, in a good mood and high expectations for the future – we certainly have something to look forward to, because who would ever think that market the value of Bitcoin surpasses such giants as Intel, Coca-Cola, and others.