In recent weeks, cryptocurrencies have rushed to all new highs in value, and have now reached a market capitalization higher than Bank of America. As of market close on November 24, Bank of America had a $277.35 billion market cap, while the current market cap for cryptocurrencies is now $285 billion.
Below are recent numbers from the New York Stock Exchange showing Bank of America’s market capitalization:
Below are numbers from coinmarketcap.com, showing the market capitalization for cryptocurrencies:
Bitcoin makes up over half of that volume, representing 52.9% of the crypto market, with 1331 other currencies, known as alt-coins, contributing to the other half. Bitcoin alone has a market cap of $151 billion. The two most popular currencies behind Bitcoin are Ethereum and Bitcoin Cash, which was created from an earlier fork of Bitcoin and is supported by many of its biggest players. Supporters say that Bitcoin Cash solves many of the scaling problems that Bitcoin was faced with as more people got onboard, such as growing transaction fees and processing times.
In fact, Roger Ver, one of the most well known Bitcoin investors in the world, recently pointed out that Bitcoin was in trouble and that Bitcoin Cash would likely be its replacement.
“The reason that bitcoin was able to [increase in value over time] was because it had fast, cheap, reliable, censorship-resistant transactions for the entire world to participate on. And [Bitcoin] no longer has those properties, but Bitcoin Cash does. I can’t exactly say how soon it will happen, but I think it’s going to surpass [Bitcoin] here shortly as well,” Ver told The Crypto Show.
“I think a lot of the people that are buying into bitcoin right now have been hearing about it in the news for years, and every time they hear about it, it’s at a higher price than before. And they’re buying it because they think, ‘Oh, this is a great investment; it’s going to go up some more,” he added.
Activists have had mixed feelings on cryptocurrencies over the years, but as more people learn about the intricacies involved, many are seeing the blockchain as a new battleground where war can be waged against central banks. Libertarian congressman Ron Paul has recently been coming around to support cryptocurrency, even going so far as to tell CNN that Bitcoin could destroy the dollar, a day that he welcomes.
“There will be alternatives to the dollar, and this might be one of them — If people start using bitcoins en masse, “it’ll go down in history as the destroyer of the dollar,” Paul said.
“As a firm believer in currency competition, I’m excited to see the options what bitcoin opens up,” he added.
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