Bitcoin has been going up steadily. On Monday, the flagship cryptocurrency rose to a new 2020 high just above $ 12,400. This recent bitcoin bullish rally is perhaps highlighted by the fact that the market capitalization of the dominant is now well above that of Bank of America.
Data from the AssetDash analytics site indicates that Bitcoin's market capitalization currently sits comfortably above $ 226 billion after gaining around 3.48% in the last 24 hours. In contrast, Bank of America has plunged 2.15% to $ 224 billion. Bitcoin's bullish rampage has pushed the cryptocurrency to position 25 on AssetDash. The top cryptocurrency is right behind the payment giant PayPal, which boasts a market capitalization of around $ 230 billion.
In particular, bitcoin has suffered from wild price fluctuations over the course of this year. However, the asset has proven remarkably tough as it continued to grow. In March, when central banks tried to protect falling markets from the impacts of the pandemic with endless quantitative easing, BTC's market capitalization stood at around $ 144 billion.
In perspective, the Federal Reserve alone injected $ 168 billion into the economy, a figure higher than the total market capitalization of BTC at the time. Since then, the market valuation of bitcoin has been gradually increasing. The growth can be attributed to the meteoric rise in prices.
Bitcoin could reach astronomical heights
While bitcoin has grown a lot this year, experts believe that the major cryptocurrency has room to grow even more. Morgan Creek co-founder Anthony Pompliano recently predicted that bitcoin's market capitalization will surpass that of gold in less than 10 years. The capitalization of gold currently stands at $ 9 trillion. This means that Pomp expects the flagship cryptocurrency to have a market capitalization of more than $ 9 trillion by December 2029.
It remains to be seen what exact catalyst will propel bitcoin to such a high capitalization. But, billionaire investors like Paul Tudor Jones are now jumping on the bitcoin train to guard against impending inflation. Not to mention Warren Buffett, who could soon buy bitcoin.