Bitcoin’s Recent Market Capitalization Record Silences Critics

Despite the relative quietness of the equity markets, the Bitcoin (BTC) market has been very eventful. The benchmark cryptocurrency has gained more than 70% over the past five weeks, while stock indexes like the S&P 500 have only recorded meager gains in the same period.

The price dynamics in BTC against other assets have spurred some very interesting discrepancies. To begin with, the market capitalization of Bitcoin has hit a new all-time high despite the cryptocurrency still being a few hundred dollars away from its all-time high.

A well-known investor in the crypto sector, Anthony Pompliano, noted some months ago that there were just eleven companies with larger market capitalization than BTC globally. However, since the time he made that comment until now, that number has risen to 16, as many stocks—especially tech-related stocks—like Amazon (NASDAQ: AMZN), Apple (NASDAQ: APPL), Microsoft (NASDAQ: MSFT), Facebook (NASDAQ: FB), and several others gained significantly, mostly as a result of the COVID-19 crisis.

More significantly, BTC’s market cap has now surpassed that of JPMorgan, who—before now—was one of the most vocal critics of the cryptocurrency. That said, the company has begun to soften its criticism of late, most likely as a result of the overtaking in the market cap.

Nonetheless, analysts are very confident that Bitcoin still has ample room for growth in the short-term.

Key BTC Levels to Monitor — November 22

The cryptocurrency has now come full-circle on our chart, as it recently made a modest dip to the $17,600 level—our ascending trendline. As expected, the cryptocurrency immediately bounced off the line and is now attempting a retry of last week’s high close to $19,000.

We expect a sharp climb from this point in the coming hours and days, as the cryptocurrency inches ever so close to its all-time high.

Meanwhile, our key resistance levels are at $18,900, $19,500, and $20,000. While our key support levels are at $18,300, $18,000, and $17,500.

Total market capital: $540 billion

Bitcoin market capital: $343.6 billion

Bitcoin dominance: 63.5%

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