Wednesday, December 8, 2021

Bitcoin Now Bigger Than Tesla by Market Capitalization, Becoming 8th Largest Asset

Bitcoin (BTC), the largest cryptocurrency by market capitalization, has recently surged to break above $66,100, making it surpass the world’s largest assets by market cap, including Tesla to becoming the 8th largest asset in the world.

Following the total market capitalization rally, the flagship cryptocurrency, Bitcoin, gains another place at the top of the asset heap by market cap. With the recent positive trend, Bitcoin is now closer to surpassing silver that occupies the 7th position with $1.3 trillion, according to CompaniesMarketCap.

Read Also: A Bitcoin Whale Moved $2.1 Billion Worth of BTC in A Single Transaction

Bitcoin Now Bigger Than Tesla by Market Capitalization, Becoming 8th Largest Asset
Courtesy of CompaniesMarketCap

The total crypto market capitalization has also reached a new all-time high of $3 trillion, which puts it above giants like Microsoft and Apple that currently hold second and third places at the top of assets ranked by market capitalization.

The current holder of 1st place, Gold, currently has no real competition with a $9 trillion lead. In order to reach the first place, cryptocurrency market capitalization would have to quadruple.

Due to the volatility of Bitcoin (BTC) and the crypto market in general, its capitalization might change rapidly and fall back to 8th place, moving Tesla back to seventh place.

Read Also: Raoul Pal Reveals Why His Crypto Portfolio Is 70% Ethereum (ETH) and 5% Bitcoin (BTC)

It’s also worth noting that TSLA stock is currently down 7% on the NASDAQ premarket. The sellout of TSLA stock is followed by Elon Musk’s Twitter poll regarding whether or not he should avoid selling his holdings to pay taxes.

At the time of press, Bitcoin is trading at $66,000 with a 6.55% price upsurge in the last 24 hours and is currently consolidating at the previous high, according to CoinGecko.

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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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