Bitcoin $12k Support Level - Present Market Cap Over $226 Bln.

Bitcoin $12k Support Level - Present Market Cap Over $226 Bln.

2020-08-18 | Mike Hallen

Bitcoin $12k Support Level - Present Market Cap Over $226 Bln.

As the leading cryptocurrency Bitcoin is getting more & more support from the investors, its market capitalisation has risen past Bank of America's market valuation, and put it within striking distance of PayPal’s.

In line with AssetDash data at the reporting time, Bitcoin's present market capitalisation sits just over $226 Bln, having risen 3.2% within the past 24 hours. However, Bank of America's market capitalisation has fallen over 2% today to $224.4 Bln. This bullish behavior from Bitcoin [BTC] and slight drop in BoA means the analytics site ranks Bitcoin as the 25th most valuable asset by market capitalisation just behind PayPal at $230 Bln.

However, Bank of America wasn't the sole fiat-based institution to fall behind the cryptocurrency asset today as it reached a yearly high of $12,470 USD. FiatMarketCap, a site that tracks BTC's rise against major fiat currencies, revealed that Bitcoin’s market cap now puts it ahead that of the New Zealand dollar [NZD].

Bitcoin is now ahead of the site’s estimate for the entire number of NZD in circulation at 346.4 Bln, or roughly $227 Bln. This would make Bitcoin the 34th most precious of all fiat currencies.

Bitcoin & New Investors Support

The price of the leading cryptocurrency Bitcoin has grown substantially this year as the Federal Reserve System has pushed many controversial measures to reduce the economic impact of the pandemic, prompting many prominent figures in finance to think about crypto for the primary time.

While billionaire Warren Buffett has made his feelings on cryptocurrencies - saying they “basically have any value” — others like Morgan Creek Digital’s Jason Williams have predicted that Buffett’s multinational conglomerate company, Berkshire Hathaway, could invest in Bitcoin soon. Williams said that “young managers and analysts” at the firm would make the choice to purchase BTC, even if Buffett were unaware of their actions.

Buffett isn’t the sole billionaire to potentially consider crypto as how to hedge his bets during this economy. Paul Tudor Jones, the founder of hedge fund Tudor Investment Corporation, is additionally still bullish on Bitcoin since revealing the cryptocurrency asset was a part of his portfolio earlier in May.

Another possible new face to the cryptocurrency ecosystem is Barstool Sports founder, Dave Portnoy, who recently spoke with Gemini exchange founders, Tyler and Cameron Winklevoss. With the help of the Winklevoss brothers, Portnoy purchased $200k in Bitcoin [BTC] and $50k in Chainlink [LINK], some of his first cryptocurrency purchases.

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