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Cryptocurrencies Now Worth More Than American Banking System

Tue, 04/06/2021 - 05:45
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Alex Dovbnya
The cryptocurrency market has reached a major milestone, surpassing the value of publicly-traded American banks
Cryptocurrencies Now Worth More Than American Banking System
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The cryptocurrency industry has finally reached its long-sought goal of taking on banks.     

As noted by Jim Bianco of Bianco Research, the total crypto market has surpassed the value of the S&P Composite 1500 Banks index, which tracks the performance of publicly-traded baking institutions in the U.S.    

As reported by U.Today, the cumulative market cap of all cryptocurrencies surpassed $2 trillion for the first time on Apr. 5.      

Crypto market cap
Image by @biancoresearch

Bianco attributes the milestone to altcoins whose market share is now nearing its two-year high amid the ongoing rally. The researcher believes that they have more room to run despite their massive gains:

Altcoins reached 70% of the universe in 2018 (mainly ETH). Then the bubble popped. This measure suggests altcoins are not overdone relative to bitcoin.  Or ETH/DeFi has room to go.   

Despite its declining dominance, Bitcoin alone is still now worth more than JPMorgan Chase, Bank of America, and Wells Fargo combined.

A year ago, for comparison, the whole crypto market cap was smaller than that of JPMorgan, the largest U.S. bank.

Crypto M&A Deals Grew to $1.1 Billion in 2020: PwC Report

What’s next?

If the crypto market cap doubles from here, it will surpass the value of all American financial companies, which includes brokers, exchanges, assets managers, and finance and leasing companies.

In order to eclipse all financial companies across the globe, the total crypto market cap will need to quadruple, according to Bianco's estimations. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at