According to Glassnode’s latest “Week On-Chain” report, Bitcoin (BTC) has now successfully sustained its above $1 trillion market capitalization stand for more than ten days now. The report specifies that the additional movement of more than 10% of BTC’s total supply implies much stronger support and confidence for the crypto compared to the previous years.
It further notes that the current robust on-chain volume support level isn’t observed yet since BTC’s price was ‘only’ at about $11,000 – $12,000.
In correlation to this, the global crypto market had also continually grown even after its monumental passing of the $2 trillion milestone yesterday. As of press time, the total market cap of the entire crypto space comfortably sits at around $2.06 trillion, which is 4.9% higher than where it was a day prior.
According to an executive of the analytics research firm Bianco Research, Jim Bianco, even more impressive is the fact that such valuation now puts crypto at a higher value than the actual US banking system. Bianco’s tweet shows that crypto doubled its value over 2021, thus putting it slightly ahead of the S&P Composite 1500 Banks index, which is responsible for tracking all US publicly traded banks.
His praises for cryptocurrencies did not stop there. According to Bianco, if it so happens that the crypto industry manages to double its value again, it would now be more valuable than the entire US financial system itself – banks, exchanges, asset managers, brokers included.