Bitcoin market cap will match JPMorgan's if the $16.5K CME gap closes

If Bitcoin price were to reach $18,324 it could mirror Mastercard's market cap if it reached $20,182 it would rival Tesla's market cap.

For Bitcoin, $16,500 is significant because of a CME gap at this level.

CME gaps emerge when Bitcoin's price moves below or above the price last seen on the CME market before it closes.

Since the CME Bitcoin futures market closes during the weekends, it often causes gaps between CME and the rest of the cryptocurrency market to emerge.

Market cap comparisons with companies show early phase of Bitcoin growthBitcoin is a peer-to-peer currency that is typically considered to be digital gold.

"As it turns out, bitcoin is better at being gold than gold - and not just incrementally, but by an order of magnitude or 10X better. It is a widely held belief in technology circles that when a product is 10X better than its closest substitute, it will escape its competition. We believe Bitcoin has achieved this."

Despite the immense amount of trading activity, computing power, and infrastructure supporting Bitcoin, its market cap remains at around $198 billion.

The entire crypto market cap is smaller than Tesla'sAnalysts often draw comparisons between Bitcoin and Tesla because of the retail demand for both assets.

"Tesla stock is the most viewed asset in America. Our data shows that throughout July, Tesla was the most viewed stock in 31 states. Bitcoin was not far behind. Since the start of the year, Tesla's stock has almost tripled in price. Meanwhile, Bitcoin is up 60% year-to-date."

Currently, the market cap of the entire cryptocurrency market is smaller than the market cap of Tesla but as demand for Bitcoin increases and the decentralized finance sector grows this imbalance could begin to change.