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Bitcoin (BTC) Surpasses Tesla as It Edges Closer to $38,000

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Fri, 10/11/2023 - 17:17
Bitcoin (BTC) Surpasses Tesla as It Edges Closer to $38,000
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Bitcoin (BTC), the pioneering cryptocurrency, has surpassed electric vehicle giant Tesla in market capitalization. 

With Bitcoin's value currently standing at approximately $730.90 billion and Tesla at $675.61 billion, the flagship digital currency is reigning supreme once again. 

The recent surge in Bitcoin's price, now hovering around $37,373, signals a robust recovery from previous lows after a string of massive setbacks that dealt a huge blow to the industry in 2022. 

Tesla stumbles as Bitcoin soars   

This year, Bitcoin has experienced substantial growth, with its price increasing by over 125% year-to-date. For comparison, Tesla's stock is up 70.27%. 

Over the past five days, Bitcoin saw a significant uplift, starting at $34,630 and reaching a high of $37,962, an increase of 7.77%. In contrast, Tesla's stock opened at $219 and dropped to $205, a 4.65% decrease, despite a brief peak at $226.

Looking at the one-month performance, Bitcoin's remarkable ascent is evident. The cryptocurrency soared from a low of $26,550 to a high of $37,962, an impressive 36.21% gain. Tesla, however, witnessed a sharp decline, opening at $263 and plummeting to $194, a substantial drop of 20.44%.

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Bitcoin Giant MicroStrategy Reports Mega Profits on Its BTC

Recently, the Tesla stock dropped a 5% drop in shares following a sell rating from HSBC. Conversely, Bitcoin has been riding high due to enthusiasm surrounding the seemingly imminent launch of a Bitcoin exchange-traded fund (ETF).     

However, cautionary notes have been sounded by skeptics like JPMorgan, labeling the crypto rally as potentially overextended. 

The next targets for Bitcoin

Bitcoin is rapidly approaching the market caps of other major companies. Nvidia, with a market cap of $1.184 trillion, Meta Platforms (Facebook) at $840.93 billion, and Berkshire Hathaway at $761.65 billion, are within sight for the crypto king. 

Bitcoin's current market capitalization of $730.90 billion positions it as a formidable player in the global financial landscape, but it is far from matching its peaked market cap of $1.28 trillion that was achieved last October. 

Back then, the bellwether coin briefly became the world's eighth most valuable asset, coming close to surpassing silver.       

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