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Bitcoin Surges Past Mastercard as BTC Price Approaches $20,000

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Fri, 13/01/2023 - 18:06
Bitcoin Surges Past Mastercard as BTC Price Approaches $20,000
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Bitcoin, the world's largest cryptocurrency, has surpassed financial giant Mastercard by market capitalization, according to data provided by companiesmarketcap.com.

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The flagship cryptocurrency is currently valued at $372 billion after its price reached an intraday high of $19,333 on the Bitstamp exchange. 

Prior to that, Bitcoin also topped such major companies as Meta Platforms, Eli Lilly, Chevron, with bulls finally being on a winning streak after months of underwhelming price action. 

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The largest cryptocurrency is now zeroing in on Tesla, the leading e-car maker. Tesla's shares were hit hard last year, with the company erasing the majority of its market cap and CEO Elon Musk becoming the first person ever to lose $200 billion. 

Bitcoin is down more than 72% from its record peak. The company's market cap surpassed a whopping $3 trillion in November 2021. 

A company's market cap is calculated by multiplying the number of outstanding shares a company has by its stock price per share. In other words, it reflects the total value that investors attribute to a company based on current market conditions. The market capitalization of Bitcoin is calculated by taking the total number of coins (or tokens) multiplied by the current market price per unit.

This figure can change daily, however, as any shift in investor sentiment or alterations to the stock price will create an immediate effect on the overall market capitalization of the company in question.

As of now, Apple is the world's most valuable company, with its market cap surpassing $2.1 trillion.  

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