Bitcoin Market Cap Hits $1 Trillion, Surpassing Tesla and Facebook
BTC's latest price surge increased the coin's market cap to surpass vital players in the traditional finance market.
With its market capitalizations standing above the $1 trillion mark, Bitcoin's valuation now exceeds Facebook, with a market cap of $928 billion. Moreover, Bitcoin has a market cap higher than that of Tesla. While writing this content, the car manufacturer has a market capitalization of $795 billion.
For now, BTC significantly follows gold, with its market capitalization of $11 trillion. Meanwhile, if BTC extends its uptrends, it has a chance to overcome silver, which has its market cap stands at $1.27 trillion. Keep in mind that Bitcoin has a proceeding store of wealth debate.
Bitcoin has gained popularity, attracting traditional sector players. After dropping early on the month after an increased regulatory clampdown by China, the crypto has surged above $50,000, reclaiming the $1 trillion market capitalization.
BTC Rebounds after Easing Regulatory Concerns
Bitcoin rebounds after China's regulatory concerns eased over this week when Gary Gensler, the SEC Chair, confirmed that the US has no plans to ban crypto trading. Also, the crypto showed resilience following the crackdown by China. Generally, Bitcoin has won China's battle since the initial attack in 2013.
BTC's growth to surpass stocks such as Facebook came as the social media giant faced scrutiny following the 6-hour outage early on the week. Keep in mind that the stock dropped by nearly 6% after the downtime.
Though traditional stocks might be better than BTC, crypto has proved itself a viable vehicle for investment.
BTC Higher ROI
BTC ROI tool shows that Bitcoin has had a considerable return on investment than stocks. Bitcoin recorded a higher ROI, outperforming the top 10 stocks. BTC's ROI is 1,692% compared to Apple, while Microsoft at 1,666% in the past five years. The coin's returns stand at 2,190% compared to Amazon.
Surprisingly, BTC sustained its ROI regardless of its volatile nature and magnified regulatory scrutiny by regulators from different regions. Bitcoin saw massive gains since the start of this year, attracting retail and institutional investors.
What are your thoughts on Bitcoin's current trend? You can comment below.