Bitcoin’s market cap is now bigger than that of Intel and Coca-Cola having reached $205 billion.
As a result of the recent price rally on most cryptocurrencies including Bitcoin, the market cap of Bitcoin has surpassed that of many public companies including Coca-Cola and Intel.
Towards the end of July 2020, Bitcoin’s price started soaring and this made its market cap to pass $200 billion. Higher values seen today for bitcoin’s market cap are $207 billion and $222 billion. These figures can be verified on Coin360.
This has made owning Bitcoins more valuable than buying the shares of some well known companies. Macro Trends gave a report of how Coca-Cola and Intel fared at the end of July. It said they closed at $202 billion and $203 billion respectively.
Intel’s market shares sell off massively
Many of Intel’s shares have been sold off recently. Macro Trends reported that following the poor performance of Intel in the third quarter, the company’s market cap has dropped significantly. Within two days after reporting its third quarter earnings on July 22, Intel’s market cap dropped by $45 billion.
Actually, Bitcoin has performed better than Intel by its market cap some years ago. In 2017, while Bitcoin enjoyed a market cap of over $300 billion, Intel’s was below $220 billion. That was the year when Bitcoin’s price nearly reached $20,000.
Coca-Cola’s market cap hasn’t surpassed $200 billion for the past 5 months
The shares of Coca-Cola haven’t been doing well since March when the corona virus pandemic became full-blown. The beverage company’s market cap dropped by over $90 billion in just one month because of the pandemic. Unfortunately, it was the first time Coca-Cola witnessed such a loss in any single quarter from the last 30 years or more.
The opposite has happened the Bitcoin this year. Instead of losing its value, it has gained more than 40% in market cap, giving it an extra $80 billion. On August 2, the price of bitcoin reached $12,000 for the first time in 2020.