Tesla’s market cap has just been surpassed by the one and only Bitcoin, as it hit over $700 billion today which is what we discuss some more in the latest bitcoin news.
Bitcoin’s market capitalization continues expanding after the developments in the price for the benchmark cryptocurrency led it to over $38,000. More recently, BTC closed the gap with Elon Musk’s electric vehicle company- Tesla. The cryptocurrency was on a strong run since October 2020 and ended last year with gains of more than 300% after finally managing to break above the $20,000 price level and headed into uncharted territory. Tesla’s market cap is now going under bitcoin’s.
BTC continued with the bullish performance in this year as well after it added 30% in a week. The latest conquered milestone came a few moments ago as BTC hit a new all-time high of $38,600. Usually when the asset’s price grows, so does its market cap and in Bitcoin’s case, the market cap was determined by the increasing number of coins in circulation by the price of each one. After the record today, the cumulative market cap of Bitcoin reached $715 billion according to the data from Asset Dash. This placed BTC at the 7th spot on the list of the monitoring platform but in the meantime, BTC neared the market cap of Musk’s company-Tesla.
The two have a similar market cap as of late but it’s worth noting that they represent two different asset groups. Bitcoin is still an unregulated and free-market product that trades 24/7. On the other hand, Tesla is a publicly-traded company that joined the US Index S&P500 recently. Asset Dash’s data shows that BTC surpassed a few notable names while increasing and those include Visa, MasterCard, Verizon, Alibaba, and Tencent.
If BTC overcomes Tesla as well, the next targets could be Facebook, Alphabet, Microsoft and Amazon and the most notable-Apple. Tesla’s co-founder and CEO Elon Musk has a compelling history with BTC as back in January he said that “bitcoin is not my safe word” and provided a closure a year later saying “bitcoin is my safe word.” The idea behind these tweets remained a mystery or a joke may be but he also discussed the future of the main cryptocurrency seriously. Musk said that BTC will not replace fiat currencies but that it has a huge role in the financial system.
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