Bitcoin’s market cap flipped Tencent on its way to $1 Trillion
Bitcoin’s market capitalization of about $1 trillion surpassed that of Tencent, whose valuation at the time of publication was about $917.8 billion, according to AssetDash’s ranking.
The largest digital cryptocurrency asset is currently the sixth largest company by market capitalization in the world. Google, officially known by its parent company Alphabet (GOOGL), is ranked fifth at the time of publication with a market capitalization of about $1.4 trillion.
After reaching a new price record, bitcoin has overtaken Chinese tech giant Tencent to become the world’s sixth largest publicly traded company, Justin Hartzman, co-founder and CEO of CoinSmart, told Cointelegraph :
This is a strong indicator of the increase in value, trust and acceptance of bitcoin and the cryptocurrency industry. Many analysts say bitcoin will surpass $100,000 this year, and I don’t think those speculations are exaggerated.Source: CoinSmart
Bitcoin passed PayPal in October and now ranks 21st with a market capitalization of just under $240 billion. Since then the Mint has grown considerably. Bitcoin overtook Tencent in terms of market capitalization, although the size of the market capitalization has changed since then. At the time of publication, BTC ranks higher than Tencent, Tesla and Facebook.
It’s been a long time since the drop to $3,600. The pioneering cryptocurrency assets rose in March 2020 during the pandemic disaster. The launch of the currency will accelerate in the second half of 2020. Meanwhile, a number of major financial institutions have announced their intention to buy bitcoins. One of the most notable participants was MicroStrategy, whose CEO, Michael Saylor, helped promote bitcoin.
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