Bitcoin continues to rise inexorably and is even outstripping the Chinese group Tencent.
On January 8, the US$41,000 mark was also cracked after an interim downturn was countered with renewed gains.
As the data from Cointelegraph Markets, Coin360 and TradingView show, Bitcoin had initially slipped back below 40,000 US dollars, after which the price was able to quickly climb back above the psychologically important hurdle.
Compared to the previous day, it went down by 9%, but this slide lasted only a few hours, because a short time later the market-leading cryptocurrency was able to climb back to its old new record high. Subsequently, the price even went up to a new record high of over 41,000 US dollars.
„Apparently, it currently only goes down briefly to shake off the weak investors,“ as the trader CryptoDog speculates on Twitter.
Bitcoin hangs Tencent and also Tesla for a short while
With today’s surge, Bitcoin has simultaneously surpassed the market capitalization of Chinese major Tencent, with the rise to $41,000 temporarily even trumping major carmaker Tesla.
As data from CoinMarketCap and Companies Market Cap shows, by yesterday, January 7, Bitcoin had already nearly broken into the top five largest publicly traded companies in the world.
By crossing the $40,000 mark, Bitcoin Machine market capitalization had climbed to a new record high of $745 billion. The subsequent retracement then temporarily dragged it down to US$737 billion before it started to rise again.
This allowed the market-leading cryptocurrency to briefly outperform the market cap, but the automaker’s stock in turn gained 7.3%. Tesla was thus able to bounce back to $773 billion, which was enough to outpace the cryptocurrency despite bitcoin’s upswing to $41,000.
Nevertheless, Bitcoin was able to clearly rise above the Chinese conglomerate Tencent, which now has to subordinate itself to the cryptocurrency with a market capitalization of 716 billion US dollars. Some time ago, the Chinese giant was even bigger than Tesla.
As Cointelegraph had reported, Tesla was the strongest financial product ever in 2020. Not only all other cryptocurrencies and stocks, but also Bitcoin managed to outperform the automaker’s security. Tencent stock, on the other hand, is making sluggish progress, which is emblematic of the stock market’s current gains compared to the crypto market.
„There are still companies worth more than #Bitcoin, crazy,“ as Tyler Winklevoss comments on this development with a twinkle in his eye.