Bitcoin Nears The Market Cap Of Tesla
And very soon, Bitcoin will easily overtake Tesla’s market cap
The cryptocurrency has been on a remarkable run since October 2020. It ended last year with gains of over 300% after finally managed to break above $20,000 and head into uncharted territory.
So far, bitcoin has continued with its bullish performance in 2021 as well, adding about 30% in a week. The latest conquered milestone came just hours ago, as BTC painted a new all-time high of $38,600.
Naturally, when the asset’s price grows, so does its market capitalization. In BTC’s case, the market cap is determined by multiplying the number of coins in circulation by the price of each.
After today’s record, the cumulative market capitalization of the largest cryptocurrency reached $715 billion, according to data from Asset Dash. This placed BTC at the 7th spot in the rankings of the monitoring resource. Meaning, that bitcoin has neared the market cap of Elon Musk’s electric vehicle giant – Tesla.
Although the two have a relatively similar market cap as of now, it’s worth noting that they represent entirely different asset groups. Bitcoin is an unregulated, free-market product that trades 24/7. On the other hand, Tesla is a publicly-traded company that recently joined the large US index – the S&P 500