Bitcoin’s market capitalization has grown alongside its snowballing price tag. The market cap of bitcoin surpassed its own all-time high mark on November 17, 2020. The growth of bitcoin’s market capitalization has been so astronomical that it’s now surpassed the likes of PayPal, Netflix, Coca-Cola and Disney to sit among the top 18 largest commercial companies in the world.
The larger the market cap, the more sustainable a significant price run is likely to be. This latest boost to bitcoin’s market capitalization has been driven by significant investment from companies like Square and MicroStrategy, as well as the larger levels of accessibility that’s been provided by PayPal making the digital currency available to its 286 million-strong userbase.
In another boost to the appeal of bitcoin, the cryptocurrency’s supply is being squeezed following its halving event earlier in 2020 — this is due to less bitcoin being released as a mining subsidy per block.