2023-10-28 00:11:36
Bitcoin market capitalization surpasses that of American carmaker Tesla
Blockmarket – Bitcoin’s market capitalization has surpassed that of billionaire Elon Musk’s Tesla (NASDAQ:). This event was driven by a series of factors that highlight paradigm shifts in the international economic scenario.
Changes in the current economic context
Amid the euphoria of speculation surrounding a possible approval of Bitcoin ETF applications, an asset that has risen more than 30% in the last 10 days, we are observing a continued decline in the technology sector in the United States, with the index – of the 100 largest technology companies of the American stock market, in decline since the first of August.
Furthermore, it is important to remember that it has historically demonstrated a strong correlation with the US stock markets and the US dollar index (inverse correlation in this case). Recently, however, this trend appears to be becoming less and less evident.
Graph of the index of the 100 largest American technology companies, traded on the NASDAQ. Source:
670 billion dollars: The marketcap of Bitcoin (BTC)
With a market capitalization of around 670 billion dollars, Bitcoin now has a market value higher than that of Tesla, the American electric car manufacturer founded by Elon Musk, which has $658.9 billion. It also surpasses pharmaceutical giant Eli Lilly. If bitcoin were a stock listed in the United States, it would currently occupy ninth position in terms of market capitalization, just behind Warren Buffett’s Berkshire Hathaway (NYSE:), according to data from CompaniesMarketCap and CoinMarketCap.
Comparison between data from CoinMarketCap and CompaniesMarketCap.
With growing uncertainty surrounding the dollar and the prospect of inflationary events, the future of bitcoin and its importance in the global market continue to be topics of great interest and debate among investors. Experts say that Bitcoin’s “store of value” thesis could have its biggest test yet, taking into account that the fight against inflation in the United States could last longer than previously predicted.
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