Sentiment for Bitcoin (BTC) became significantly positive after peaking at $ 12,000 in August. If this momentum continues to consolidate over the medium term and BTC reaches $ 16,500, it will equal JPMorgan’s market value.
Earlier in the day, a network analyst at MMCrypto sat down to evaluate major financial and technical conglomerates for the potential price of bitcoin. At the following price levels, Bitcoin will match the market value of the relevant companies:
If Bitcoin had a price of $ 18,324, it could reflect the market value of Mastercard, and if it reached $ 20,182, it could compete with the market value of Tesla.
For Bitcoin, it is $ 16,500, considering CME’s breakthrough at this level. CME gaps occur when the price of bitcoin moves below or above the price last seen in the CME market before closing.
As the CME Bitcoin futures market closes on weekends, this often results in a break between CME and the rest of the cryptocurrency market. Two slot machines cost $ 9650 and $ 16,500.
Comparing market coverage with companies reveals the early stages of Bitcoin’s growth.
Bitcoin is a peer-to-peer currency that is often considered digital gold. Since there is a lack of dividends, dividends and other company characteristics, it cannot be compared directly with conglomerates, but comparisons show how early Bitcoin is growing.
The closest real estate to Bitcoin is gold. Recently, billionaire investor and Gemini Stock Exchange co-founder Tyler Winklewos wrote a research report that said Bitcoin is similar to gold, but orders are better in volume.
Winkelvoss said that bitcoin is better transferable than gold and has a fixed amount of 21 million. Meanwhile, the supply of gold may continue to increase if new sources of precious metal are found. To explain:
“As it turns out, Bitcoin is better than gold – and not just step by step, but about ten times better. It is widely believed in technical circles that when a product is 10 times better than the nearest product, it replaces it and avoids competition. Bitcoin has achieved this. ”
Despite the enormous commercial activity, computing power and infrastructure that underpins Bitcoin, the market value is still around $ 198 billion.
The entire cryptocurrency market is smaller than Tesla.
Analysts often compare Bitcoin with Tesla due to the hashing of both assets.
According to TradingView, Tesla and Bitcoin were the most viewed US assets in July. The company stated:
Tesla shares are the most popular asset in America. Our data show that Tesla was the most popular in July in 31 states. Bitcoin was just around the corner. Tesla shares have almost tripled in value since the beginning of the year. Bitcoin is up 60% this year. ”
Tesla is the most dominant company in the market for electric cars, but Bitcoin is a leader in a completely new asset class.
Currently, the market value for the entire cryptocurrency market is lower than for Tesla, but as demand for bitcoin grows and the decentralized financial sector grows, this imbalance may begin to change.