Cryptocurrency Bitcoin crossed the $60,000 mark over the weekend, creating a wave of rejoicing among crypto investors across the world. At the same time, reports suggested that the market cap of Bitcoin was more than that of the three biggest banks in the world.

As per a report on Coinspeaker, the market capitalisation of the cryptocurrency over the weekend was at around $1.15 trillion, higher than that of JPMorgan, Bank of America, and The Industrial and Commercial Bank of China (ICBC).

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The value of the three banks, combined, was at just $1.08 trillion.

“The biggest payment networks in the world too, Visa and Mastercard, also saw their market cap eclipsed. Their combined value stood around $871 billion which pales significantly against that of the digital gold,” the report stated.

Since Monday, the value of Bitcoin has hovered around $55,000. On Wednesday evening the digital currency was trading at $55,406.74, up by 1.06 per cent in the 24 hours. The market cap of Bitcoin during the day was at 1.03 trillion.

Experts believe that Bitcoin’s current zone could be its consolidation price before its value soars again.

It is worth mentioning that the ascent of Bitcoin’s value is much faster than the other big tech companies in the world. For example, the value of Bitcoin surged 3 times faster than that the Microsoft.

Bitcoin has tripled in value over the last three months—it was worth $20,000 in December—bolstered by increasing backing from corporate heavyweights.

This year, Bitcoin rose around 72 per cent after tech billionaire Elon Musk’s electric vehicle company Tesla invested $1.5 billion in it.

Bitcoin, which was launched back in 2009, hit the headlines in 2017 after soaring from less than $1,000 in January to almost $20,000 in December of the same year.

Buyers are aggressively accumulating more and more Bitcoin (BTC). This is the driving factor that has propelled the price growth of BTC towards this new all-time high value.

After the unit crossed $1,000 for the first time in 2013, it has been increasingly attracting the attention of financial institutions.