Bitcoin outperforms the 3 largest US banks despite a long decline

Cryptocurrency industry experts warn that next month the flagship cryptocurrency is expected to trade several times lower than its historical high reached on November 10, 2021, when bitcoin was trading at $ 69,044. The average price of BTC for October 2022 is currently $ 19,443, and «digital gold» suffers from unpredictable volatility, which means it will continue to depreciate.

But even with this gloomy picture, the leader of all digital currencies managed to outperform the largest banks in the United States, including the most important one, JPMorgan Chase. Thus, yesterday the total market capitalization of bitcoin reached $ 374.78 billion, making it the 14th most valuable asset class. JPMorgan Chase, on the other hand, managed to take only 18th place with a market capitalization of $ 349.31 billion.

Bitcoin also managed to outperform other US banks in the same category. Bank of America ($ 280.26 billion market capitalization), Wells Fargo ($ 169.54 billion), Morgan Stanley ($ 134.57 billion), and Charles Schwab ($ 130.15 billion) are among the top 10 largest bank holdings by market capitalization. However, none of them could compete with BTC, which also managed to surpass Walmart (with a capitalization of $ 363.93 billion) and Meta Platform (Facebook) ($ 360.58 billion).

Although bitcoin remains dependent on the volatile environment of the cryptocurrency space, the flagship asset has proven that it still has enormous potential. However, it has been overshadowed by poor performance over the past few days. At the time of writing, BTC is trading for $ 19,157, and the market capitalization of the virtual asset is $ 367.51 billion. The figures are down 2.38% compared to the previous day’s results.