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Sub-$22K Bitcoin looks juicy when compared to gold’s market capitalization

Published 07/18/2022, 04:15 PM
Updated 07/18/2022, 06:20 PM
Sub-$22K Bitcoin looks juicy when compared to gold’s market capitalization

Bitcoin's (BTC) price is down 56% year-to-date, but the correction was not strong enough to remove the digital asset from the list of top-20 global tradable assets. Bitcoin’s current $400 billion market capitalization stands higher than traditional companies like Exxon Mobil (NYSE:XOM), Walmart (NYSE:WMT) and Procter & Gamble, but there’s always the question of whether a direct comparison between a commodity like Bitcoin and equities is valid.

Most valuable tradable global assets. Source: 8marketcap.com

Analysts and investors favoring stocks constantly remind crypto advocates that Exxon Mobil posted $25.79 billion in earnings over the past 12 months, as a justifying example of its valuation. But on the flip side, earnings don’t necessarily explain how Boeing (NYSE:BA) booked $16.1 billion losses in two years, even as it holds an $87.1 billion market capitalization.

Gold vs. WTI oil, S&P500 index, and Case-Shiller Home Price. Source: TradingView
Bitcoin price in USD vs. 5-year moving average. Source: TradingView
Total crypto listed investment vehicles, USD billion. Source: CryptoCompare

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