U.Today - Bitcoin (BTC), the pioneering cryptocurrency, has electric vehicle giant Tesla (NASDAQ:TSLA) in market capitalization.
With Bitcoin's value currently standing at approximately $730.90 billion and at $675.61 billion, the flagship digital currency is reigning supreme once again.
The recent surge in Bitcoin's price, now hovering around $37,373, signals a robust recovery from previous lows after a string of massive setbacks that dealt a huge blow to the industry in 2022.
Tesla stumbles as Bitcoin soars
This year, Bitcoin has experienced substantial growth, with its price increasing by over 125% year-to-date. For comparison, Tesla's stock is up 70.27%.Over the past five days, Bitcoin saw a significant uplift, starting at $34,630 and reaching a high of $37,962, an increase of 7.77%. In contrast, Tesla's stock opened at $219 and dropped to $205, a 4.65% decrease, despite a brief peak at $226.
Looking at the one-month performance, Bitcoin's remarkable ascent is evident. The cryptocurrency soared from a low of $26,550 to a high of $37,962, an impressive 36.21% gain. Tesla, however, witnessed a sharp decline, opening at $263 and plummeting to $194, a substantial drop of 20.44%.
Recently, the Tesla stock dropped a 5% drop in shares following a sell rating from . Conversely, Bitcoin has been riding high due to enthusiasm surrounding the seemingly imminent launch of a Bitcoin exchange-traded fund (ETF).
However, cautionary notes by skeptics like JPMorgan (NYSE:JPM), labeling the crypto rally as potentially overextended.
The next targets for Bitcoin
Bitcoin is rapidly approaching the market caps of other major companies. , with a market cap of $1.184 trillion, Meta Platforms (Facebook (NASDAQ:META)) at $840.93 billion, and Berkshire Hathaway (NYSE:BRKa) at $761.65 billion, are within sight for the crypto king.Bitcoin's current market capitalization of $730.90 billion positions it as a formidable player in the global financial landscape, but it is far from matching its peaked market cap of $1.28 trillion that was achieved last October.
Back then, the bellwether coin briefly became the world's eighth most valuable asset, coming close to surpassing silver.