Bitcoin Market Cap stocks may par with major stocks like Netflix

Bitcoin

Bitcoin breaks another record of session high on Tuesday’s trade, with the continuing rally, major stocks like Netflix are now at arm’s length.

The price of the cryptocurrency hit an all-time high of $4,483.55 in the early trade in the previous session and follows through with a strong rally although, Bitcoin slipped as low as $4,264.29 within the trading session before breaking the said record.

Bitcoin’s total market capitalization, which is the total number of coins in circulation multiplied by its market price, hit $73.5 billion when the record high was hit. This shows that is makes the highest market capitalization yet.

If Bitcoin was a stock (although it is not), it would be the seventh-fourth biggest by market capitalization, closely following Adobe and Netflix on the S&P 500.

Bitcoin has already zipped past major stocks like PayPal, Costco and Salesforce. If it were including in the NASDAQ index, it would be the twenty-fourth largest stock by its market cap.

Bitcoins has a finite supply at 21 million bitcoin which will not be reached for several years. While many investors look at bitcoin as a commodity or a currency.

The Rally has been driven by rising demand from Japan, which increases interest of institutional Investors, and Bitcoin being viewed as a safe fallback from geopolitical tensions.

Analysts are now divided on what could happen to the price of bitcoin in the near future. Some say that this could be the calm before the storm while others say that the bullish direction for Bitcoin could last for more than a while.

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