Bitcoin Market Cap Hits $280B; Now Bigger Than Disney, Netflix, Bank Of America

Bitcoin's market capitalization has hit $280 billion after a price surge to $15,000 in recent days. At this market cap, the benchmark cryptocurrency is now larger than many major companies in the United States.

It has overtaken major publicly-listed companies including Verizon ($242.2 billion), PayPal ($237.5 billion), Adobe (237.3 billion), Salesforce ($236.7 billion), Disney ($230.3 billion), Netflix ($227.4 billion), Coca-Cola ($212.5 billion), and Bank of America ($210.3 billion).

Bitcoin's market cap was $180 billion last September when its price was around $10,000 per BTC.

At this price point, Bitcoin's market cap is still lower than financial companies Mastercard ($312.7 billion), JPMorgan Chase ($313.8 billion) and Visa ($422.3 billion). Its price should reach $23,000 to surpass them and to have a market cap of $426 billion, Cointelegraph reported.

For Bitcoin to surpass Apple, the world's most valuable company with a $2 trillion market cap, Bitcoin needs to be priced at $120,000 per BTC.

Bitcoin has often been compared to gold as a store of value over a long period of time and in times of economic uncertainty. The shiny metal has a market cap of around $8 to 9 trillion. Bitcoin needs to be priced around $380,000 per BTC to surpass it.

Bitcoin closed Sunday at $15,482, regaining from the previous day's loss that was mainly due to the uncertainty around the presidential election.

While the markets appeared to briefly calm down, the potential upside in Bitcoin is still high, according to analysts who anticipate a rally throughout the end of the year and until early 2021. Once Bitcoin surpasses its previous all-time high of around $20,000, analysts expect the benchmark cryptocurrency to enter a price discovery phase to hit a new all-time high.

Bloomberg, last June, predicted a price point of $20,000 by the end of 2020, stating that "Something has to really go wrong" for it to not appreciate in value.