Bitcoin Market Cap Surpasses Now Intel and Coca-Cola
Bitcoin passes Intel and Coca-Cola at a market capitalization of $215 billion.
Amid a significant bullish trend on cryptocurrency markets, Bitcoin’s (BTC) market capitalization is surpassing some major publicly traded firms like Intel and Coca-Cola.
Following a bullish market in late July 2020, Bitcoin’s market cap marked a notable rise to cross a $200 billion threshold. According to data from Coin360, the market cap of the largest cryptocurrency accounts for more than $207 billion, down from a $222 billion intraday-high.
Right now Bitcoin is worth more than shares of important global companies like Intel and Coca-Cola in terms of market capitalization. According to data from Macro Trends, on July 31, shares of Intel and Coca-Cola closed at a market cap of $203 billion and $202 billion, respectively.
Intel marks a sharp sell-off in recent days
In recent days, Intel, a large global tech company, has been seeing a notable decline in market share. According to data from Macro Trends, the company's market cap fell below $259 billion to subsequently lose as much as $45 billion by July 24, after Intel posted unexpected Q3 earnings guidance on July 22.
This is not the first time when Intel was left trailing behind Bitcoin by market capitalization though. Over the course of 2017, Intel’s market cap did not go higher than $220 billion, while Bitcoin’s market cap crossed a $300 billion threshold in its historic bullish run of 2017, when BTC hit its all-time high of $20,000.
Since March Coca-Cola’s market has been trailing below $200 billion
Due to coronavirus-fueled risk, beverage giant Coca-Cola suffered a significant sell-off earlier this year. In March 2020, Coca-Cola lost more than $90 billion in market cap over the course of one month as a result of the global pandemic. As announced last week the drop finally resulted in the company’s biggest decline in quarterly revenue in at least 30 years.
In opposite, Bitcoin has been seeing many bullish moves this year, up more than $80 billion, or about 40%, in market cap since Jan. 1, 2020. The biggest cryptocurrency by market cap has lately touched its new 2020 highs, crossing the $12,000 price mark on Aug. 2.
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