Cryptocurrencies’ total market value edged up to another record high Wednesday, surpassing that of the U.S.’ largest bank.
The combined market capitalization of all digital currencies reached an all-time high of more than $370 billion at about 6:50 a.m. London time, according to Coinmarketcap data. This figure is worked out by multiplying the prices of cryptocurrencies by the total volume of those digital currencies in circulation.
Their market value overtook that of JPMorgan, which is currently at $366.8 billion. Jamie Dimon, the bank’s chief executive, has been a notorious critic of bitcoin, the world’s largest cryptocurrency. Dimon has called bitcoin a “fraud” that will eventually “blow up.”