Cryptocurrencies Surpass Bank Of America’s Market Cap For First Time
Today’s Alternative News Channel – Cryptocurrencies Surpass Bank Of America’s Market Cap For First Time
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 7.35 billion market cap, while the current market cap for cryptocurrencies is now 5 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 1 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.
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