At $16,500, Bitcoin’s market cap would match that of JPMorgan, illustrating just how early the crypto sector is in its growth phase.
The sentiment around Bitcoin (BTC) has become noticeably positive after the breakout above $12,000 in August. If this momentum continuously strengthens over the medium term and BTC hits $16,500, it would equal JPMorgan’s market cap.
Earlier today MMCrypto, an on-chain analysis firm, outlined major financial and tech conglomerates’ valuations relative to BTC’s potential price. At the following price points, Bitcoin would equal the market caps of the respective companies:
If Bitcoin price were to reach $18,324 it could mirror Mastercard’s market cap, and if it reached $20,182 it would rival Tesla’s market cap.
For Bitcoin, $16,500 is significant because of a CME gap at this level. CME gaps emerge when Bitcoin’s price moves below or above the price last seen on the CME market before it closes.
Since the CME Bitcoin futures market closes during the weekends, it often causes gaps between CME and the rest of the cryptocurrency market to emerge. The two gaps currently open are found at $9,650 and $16,500.