Bitcoin’s Market Cap Eclipses Intel & Coke
With cryptocurrency market turning bullish, market capitalization of Bitcoin (BTC) is eclipsing certain top traded firms such as Coca-Cola and Intel.
The bull market in the final week of July enabled Bitcoin to cross a market cap of $200 bilion. At the time of writing this article, the market cap of Bitcoin was $208.53 billion, a decline from $223 billion recorded earlier today.
Even after the slight decline, Bitcoin commands higher value than renowned enterprises such as Intel and Coca-Cola. As of yesterday’s close, Intel and Coca-Cola commands a market cap of $205.42 billion and $198.88 billion, respectively.
Arguably the numero uno chip manufacturer Intel recorded a significant drop in market share in recent times. Disappointing Q3 earnings outlook and postponement of 7nm chip launch has resulted in a sharp decline in the market cap from $259 billion in July 22 to around 213 billion on July 24.
It is not the first time Intel lost to Bitcoin in terms of market cap. Back in 2017, Bitcoin’s market cap was above $300 billion while Intel was trailing with a market cap of $220 billion. Bitcoin, during that period, hit a high of $20,000.
Against the backdrop of Covid-19, beverage behemoth Coca-Cola saw a huge sell off. In March, Coca-Cola’s market cap was trimmed by $90 billion due to worldwide pandemic. The decline was coincided by largest drop in the company’s revenue in three decades.
On the contrary, Bitcoin has seen several sharp up trends in 2020, with market cap increasing by $80 billion or roughly 40% in the year-to-date. On August 2, Bitcoin hit a new yearly high of $12,000.