With its massive $1.5 billion purchase of bitcoin, the electric vehicle giant Tesla has inadvertently helped the cryptocurrency to surpassed it in terms of market capitalization. With BTC’s price skyrocketing to new highs and its market cap following, bitcoin is now ranked as the 7th largest asset.
Bitcoin Surpasses Tesla For The 7th Spot
Elon Musk’s Tesla shocked the world after it filed Form 10-K with the US SEC, in which the founded in 2003 clean energy giant said it had purchased $1.5 billion in bitcoin in January. According to some estimations, this sizeable amount equaled to about 15% of the firm’s net cash holdings.
The immediate Musk-prompted effect took bitcoin to a new all-time high of over $48,000. Naturally, the asset’s market capitalization followed for a new record as well. BTC’s market cap is determined by multiplying the current number of coins by the price of each.
Despite retracing in value slightly since the top, the 18,6 million tokens in circulation and a price tag of $47,000 for each amount for a market cap of just shy of $875 billion.
According to information from the monitoring resource AssetDash, BTC’s increase has placed it as the 7th largest asset by this metric. Interestingly, this means that bitcoin has actually surpassed Tesla as Elon Musk’s company has a market cap of $811 billion as of writing these lines.
BTC has come inches away from the Chinese giant Tencent ($911 billion). Should bitcoin overtake Tencent, it could aim for $1 trillion for the first time.
Ethereum Entered The Top 50
AssetDash’s data displays the top 100 assets by market capitalization, and bitcoin is not the only cryptocurrency representative. The second-largest digital currency, Ethereum, has also been a member of this coveted ranking since its market cap broke above $100 billion in late 2020.
Furthermore, Ethereum has only intensified its rise since then, and after the latest run, in which ETH topped $1,800 for a new all-time high of its own, its market cap has surged to north of $200 billion.
As such, Ethereum has entered the top 50 assets and currently occupies the 43rd spot. Some of the giants the cryptocurrency surpassed on its way up include PepsiCo, Pfizer, Chevron, and Shopify. From this point forward, the next in line to be overtaken are Coca-Cola, Exxon Mobil Corporation, Nike, and Verizon Communications.