Bitcoin’s market cap holds above $1tn for 10 days – outpacing the US banking industry
The global crypto markets this weekend exceeded the $2 trillion mark for the first, making crypto more valuable than the US banking system according to head of analytics Bianco Research, Jim Bianco.
A sort of milestone was reached today.
The total value of all cryptos surpassed the value of the US banking system.
Why is this measure relevant? It is an admittedly imperfect attempt to measure the size of the current CeFi system versus the coming DeFi system.
— Jim Bianco (@biancoresearch) April 6, 2021
In Bianco’s chart, crypto’s doubling value through 2021 has put it ahead of the value of the S&P Composite 1500 Banks index, which tracks the performance of publicly-traded banking institutions in the US.
Bianco also said that if crypto doubles again, it would be bigger than the entire US financial system, including banks, brokers, insurance, exchange firms, and asset managers.
Crypto has also become a much stronger contender to gold’s market gap, hitting 27.8% of its total value. What’s more, the trend doesn’t look to be ending anytime soon as investors ditch the supposed safe haven in favour of the US Dollar and broader markets.
Bitcoin’s market cap has now held above $1 trillion for 10 days now, hitting a new record. The coin’s now also hovering above $60,000.