Bitcoin goes beyond Tesla’s market capitalisation for a short period, as the bulls suggest that the bullish momentum does not end at $40,000.
Bitcoin recovers quickly and reaches $41,000 with market capitalization exceeding TencentMERCADO
Bitcoin (BTC) returned to US$40,000 on January 8 when another period of price consolidation came to an end soon.
Cryptomorphic market overview. Source: Coin360
Data from Cointelegraph Markets, Coin360 and TradingView showed that the BTC/USD increased rapidly to recapture the psychologically significant price level during Friday’s trading.
After a 9% drop from an all-time high the previous day, Bitcoin managed to stay low for only a few hours before the bullish momentum returned. After that, the largest cryptomoeda not only hit its historic highs, but also delivered a new high: $40,087.
1 minute BTC/USD (Bitstamp) candles chart. Source: TradingView
“It seems that the price only falls to shake the weakest hands”, summed up a popular social media trader on the day.
Bitcoin’s market capitalisation grows
Bitcoin also beat the market capitalisation of Chinese giant Tencent and briefly overtook the “beloved” Tesla technology company, rising to US$41,000 per currency.
Data from CoinMarketCap and Companies Market Cap confirmed Crypto Engine that on January 7, Bitcoin almost entered the top five companies by market value.
Top companies by market cap as of Jan. 8, 2021. Source: Companies Market Cap.
As BTC/USD surpassed the $40,000 mark, Bitcoin’s market capitalization grew to unprecedented levels, reaching $745 billion. A day later, after a correction, the figure retreated to US$737 billion before recovering its previous record.
At the same time, Tesla delivered a rapid daily gain of 7.3%, allowing it to outperform Bitcoin once again after losing its market capitalisation capacity to cryptomeda for a short period. On Friday, the company was at $773 billion while Bitcoin was once again at $40,000.
A more decisive victory came over Chinese technology giant Tencent, however, which with $716 billion bowed to Bitcoin’s impetus. Previously, Tencent was also worth more than Tesla.
As the Cointelegraph reported, Tesla also performed better than stocks and crypto in 2020, beating even Bitcoin’s performance from March’s casualties. A look at the growth of Tencent shares, however, highlights the slow pace of gains that characterized other stocks compared to cryptomede.
“There are still companies in the world that are worth more than #Bitcoin. Madness,” said Tyler Winklevoss, co-founder of the Gemini exchange, about the phenomenon.