Bitcoin Surpasses Tesla in Market Cap Amidst ETF Anticipation
Bitcoin's Market Cap Milestone
Bitcoin's market cap surged past $750 billion, surpassing Tesla and ranking 11th among global assets. This remarkable growth in value places it ahead of giants like Eli Lilly and Visa, yet it still trails Berkshire Hathaway.
Anticipation of ETF Approvals
The surge is fueled by optimism surrounding the possible approval of 12 spot Bitcoin ETFs by the U.S. SEC. The decision window began Thursday, with analysts forecasting a 90% approval chance by January 2024.
Impressive 2023 Performance
Bitcoin's market cap more than doubled from $320 billion since the start of the year, a level last seen in May 2022. It now ranks behind only six U.S. companies. Additionally, Bitcoin maintains dominance, accounting for over half of the cryptocurrency market.
Comparative Market Performance
Bitcoin's price increased by 130% in 2023, outpaced only by NVIDIA and Meta Platforms in the S&P 500. This marks its longest streak of gains since January 2023, with four consecutive weeks of upward momentum.
Impact on Related Companies
Companies tied to Bitcoin, such as Marathon Digital Holdings, Riot Platforms, and Coinbase, saw significant increases due to Bitcoin's rally. Despite this positive trend, Elon Musk's stance remains unclear.
Bitcoin vs. Tesla
Bitcoin's market cap briefly surpassed Tesla's, driven by a rally close to $37,000. It reached an 18-month peak before stabilizing around $36,568. This growth led to significant losses for Bitcoin short sellers.
Future Crypto Investments
Cathie Wood's Ark Invest is collaborating with 21Shares to launch a suite of crypto-focused ETFs, further indicating rising interest and investment opportunities in the cryptocurrency sector.
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