Bitcoin, the world’s largest crypto asset, is now more valuable than the social networking giant Facebook and the world’s largest electric-car maker Tesla. The total market cap of Bitcoin crossed $870 billion on Tuesday after a 20% jump triggered by Tesla’s $1.5 billion investment in the cryptocurrency.
The total market cap of Tesla stands at around $814 billion. Tesla stock jumped nearly 500% in the last 12 months. Facebook’s total market cap is around $760 billion as the FB stock gained approximately 25% since the start of 2020.
Tesla’s recent filing revealed that the company invested around $1.5 billion in the world’s largest cryptocurrency. The latest news took social media by storm as Bitcoin became the hottest topic on Twitter. Tesla CEO Elon Musk recently expressed his support for BTC and mentioned that Bitcoin is on the verge of mass adoption. He also updated his Twitter bio with the Bitcoin tag.
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Tesla also mentioned that the company is planning to consider Bitcoin as a payment method for its products, subject to regulatory approvals. The price of BTC gained more than 20% within few hours and breached $47,000 for the first time.
Bitcoin and Crypto Market
The recent jump in BTC price pushed the market dominance of the cryptocurrency to 63%. Apart from Bitcoin, other digital currencies including Ethereum, Cardano, Polkadot, and Litecoin also posted strong gains during the last 24 hours. Ethereum reached an all-time high of $1,770 after the launch of CME’s Ethereum futures. The overall market cap also registered an all-time high of $1.37 trillion. Tesla’s recent announcement resulted in a $150 billion jump in Bitcoin’s market cap. The leading crypto asset gained the attention of leading investment firms in recent months after a significant jump in institutional demand for BTC.
Facebook also announced its crypto project Libra a few years ago. The company rebranded Libra to Diem and mentioned that it will be launched in 2021. The Diem association has a wide list of partners including Shopify, Novi, Xapo, and Spotify.