Bulletin
Investor Alert

New York Markets After Hours

Market Extra Archives | Email alerts

Dec. 7, 2017, 2:48 p.m. EST

Bitcoin’s surge over $15,000 makes it bigger than all but 12 S&P 500 components

Visa, Procter & Gamble, and Chevron are the latest bellwethers to be smaller than the digital currency

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Bitcoin USD (BTCUSD)
  • X
    S&P 500 Index (SPX)
  • X
    Visa Inc. Cl A (V)

or Cancel Already have a watchlist? Log In

By Ryan Vlastelica

One by one, major companies are falling behind bitcoin in size, as the digital currency’s massive price appreciation this year has made it larger than some of the oldest stocks and most famous brands in the world.

At current levels, bitcoin /zigman2/quotes/31322028/realtime BTCUSD -1.23%  is up more than 1,400% in 2017 alone, hitting dozens of records throughout the year. Recent trading has seen it break through $15,000—just days after it first topped $9,000, to say nothing of all the $1,000 milestones in between. Currently, it is trading at $14,793.58, up 7.9% on the day. Earlier, it traded as high as $15,058.30.

Read: Bitcoin lays waste to a year’s worth of ‘bubble’ calls on its way to new highs

Related: Here’s how fast bitcoin is taking out $1,000 milestones

At current levels, bitcoin has a market capitalization of $255 billion, according to pricing website CoinMarketCap. That means it is more than double the level it hit in just October, an astonishing rise that makes it larger than the vast majority of S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20%  components—an equity index comprised of the largest U.S. companies.

The total market capitalization of all cryptocurrencies is $404.4 billion.

Learn more: Bitcoin makes up more than half the total cryptocurrency market. Here’s the rest

Read more: Bitcoin passes $14,000, has gained more than 1,400% in 2017

According to FactSet, bitcoin is larger than all but 12 components. With the day’s advance, it surpassed such iconic names as Visa Inc. /zigman2/quotes/203660239/composite V +1.09%  ($249.1 billion), Procter & Gamble Co /zigman2/quotes/202894679/composite PG -0.69%   ($232.5 billion), and Chevron Corp /zigman2/quotes/205871374/composite CVX +0.57%  ($227.2 billion)—all of which are Dow components. It is nearly as big as the largest exchange-traded fund on the market, the SPDR S&P 500 ETF Trust /zigman2/quotes/209901640/composite SPY -0.23% , which has $258.2 billion in assets.

At its current levels, bitcoin has nearly cracked the top 10 largest S&P 500 companies, an accomplishment that would’ve been unthinkable even a year ago, when it was valued at well under $50 billion.

Currently, the tenth-largest U.S. company, Bank of America Corp. /zigman2/quotes/200894270/composite BAC -1.42%  has a market cap of $298.7 billion. The largest company, Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.21% , is worth $867.8 billion.

Don’t miss: Here’s how Amazon may be a $1 trillion company in a year

/zigman2/quotes/31322028/realtime
US : CoinDesk
20,099.57
-250.88 -1.23%
Volume: 0.00
Oct. 5, 2022 4:40p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,783.28
-7.65 -0.20%
Volume: 2.22B
Oct. 5, 2022 4:20p
loading...
/zigman2/quotes/203660239/composite
US : U.S.: NYSE
$ 187.67
+2.02 +1.09%
Volume: 6.11M
Oct. 5, 2022 4:00p
P/E Ratio
29.33
Dividend Yield
0.80%
Market Cap
$384.08 billion
Rev. per Employee
$1.31M
loading...
/zigman2/quotes/202894679/composite
US : U.S.: NYSE
$ 129.20
-0.90 -0.69%
Volume: 4.90M
Oct. 5, 2022 4:03p
P/E Ratio
22.27
Dividend Yield
2.83%
Market Cap
$310.88 billion
Rev. per Employee
$756,481
loading...
/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 158.53
+0.90 +0.57%
Volume: 10.60M
Oct. 5, 2022 4:03p
P/E Ratio
10.59
Dividend Yield
3.58%
Market Cap
$308.55 billion
Rev. per Employee
$4.86M
loading...
/zigman2/quotes/209901640/composite
US : U.S.: NYSE Arca
$ 377.09
-0.88 -0.23%
Volume: 86.98M
Oct. 5, 2022 4:00p
loading...
/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 31.92
-0.46 -1.42%
Volume: 34.59M
Oct. 5, 2022 4:00p
P/E Ratio
9.97
Dividend Yield
2.76%
Market Cap
$260.18 billion
Rev. per Employee
$481,207
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 146.40
+0.30 +0.21%
Volume: 79.14M
Oct. 5, 2022 4:00p
P/E Ratio
24.19
Dividend Yield
0.63%
Market Cap
$2347.94 billion
Rev. per Employee
$2.52M
loading...

Ryan Vlastelica is a markets reporter for MarketWatch and is based in New York. Follow him on Twitter @RyanVlastelica.

This Story has 0 Comments
Be the first to comment
More News In
Investing

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.