Ethereum’s market cap surpasses Bitcoin for the first time, breaking $40 billion in recent trading. The cryptocurrency celebrates this milestone by hitting an all-time high of over $3,000 on January 6th before falling back down to earth with a thud just days later.
Bitcoin has been around for a while, but it is still considered to be in its infancy. The cryptocurrency market cap passed Tesla’s market cap recently. Read more in detail here: bitcoin price.
Bitcoin (BTC) was trading around $65,000 on Nov. 8, with huge gains seemingly unaffected by Tesla’s (TSLA) shares falling 5% at the Wall Street start.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Bitcoin has surpassed Tesla in terms of market capitalization.
BTC/USD was down roughly $900 at $65,500, according to data from Cointelegraph Markets Pro and TradingView, after touching highs of $66,433 on Bitstamp.
The revelation that Tesla CEO Elon Musk will sell 10% of his Tesla interests — worth roughly $23 billion — just because Twitter followers voted for him to do so dampened the company’s overnight triumph.
1-hour candlestick chart of TSLA. TradingView is the source of this information.
Markets responded warily, with TSLA beginning at $1,150 after closing at $1,221 on November 5 before recovering somewhat.
Apart from the fact that it was nine months ago today that Tesla acquired $1.5 billion in Bitcoin for its balance sheet, Musk’s decision had an unanticipated consequence: Bitcoin overtook Tesla in terms of market capitalization.
As of November 8, the following are the company market capitalization rankings. Companiesmarketcap.com is the source for this information.
In the meanwhile, Michael Saylor, CEO of MicroStrategy, commented to Musk’s plan by saying, “If the aim is diversification, a another option to explore is changing the TSLA balance sheet to a Bitcoin Standard and acquiring $25 billion in BTC.”
“In a tax-efficient approach, that would provide diversification, inflation protection, and greater upside for all investors.”
Musk hasn’t said what he’ll do with the profits of the stock sale, which he claims would be his sole taxable event since he doesn’t get paid by Tesla.
The cryptocurrency market cap is emulating Ethereum’s all-time highs.
In the meanwhile, fresh all-time highs for Ether (ETH) dominated major cryptocurrencies, while other tokens experienced little movement on a daily basis.
‘Resistance is useless’ – 5 things to keep an eye on in Bitcoin this week
1 hour candle chart of ETH/USD (Bitstamp). TradingView is the source of this information.
The biggest altcoin by market value reached $4,768 per day, while other currencies remained unchanged, helping to push the whole crypto market worth beyond $3 trillion for the first time.
In November of last year, the limit was just $400 billion.
Meanwhile, Cointelegraph blogger Michal van de Poppe remarked, “$3 trillion is still not much compared to other markets.”
“The true acceleration of this cycle has yet to arrive.”
Elon Musk is the CEO of Tesla, a company that produces electric cars. He has recently sold his stake in Tesla to fund his other ventures. However, he still holds over $65K worth of Bitcoin after the sell-off. Reference: elon musk bitcoin energy.
- elon musk bitcoin
- tesla bitcoin
- bitcoin news
- elon musk bitcoin tweet
- elon musk bitcoin prediction