Tencent Overtaken By Bitcoin As Market Cap Rises Above $1 Trillion
Bitcoin’s market cap is now past the $1 trillion mark. As a result, the cryptocurrency is now more worth than Tencent, having overtaken the Chinese giant boasting a valuation of $915.5 billion at the time of writing.
Tencent Breathing Bitcoin’s Smoke
As a result, AssetDash’s Top Market Cap Companies list now has Bitcoin standing at sixth place. Not bad for a decentralized cryptocurrency. At the time of writing, the next company Bitcoin could overtake is none other than Google, boasting a market cap of $1.4 trillion at the time of writing.
Justin Hartzman stands as the co-founder and CEO of Coinsmart, giving comment about the entire event. He declared this all to be a very strong indicator that cryptocurrencies, Bitcoin, in particular, is seeing higher levels of adoption and overall trust. Analysts have predicted a BTC price tag of $100,000 before the year is over, and Hartzman is convinced that this isn’t a far-fetched prediction.
Growing Over 15x In Less Than A Year
Bitcoin had made a steady climb ever since October when it overtook PayPal. Back then, its market cap was shy of $240 billion, and has seen spectacular growth since then. It should be noted that Bitcoin had actually managed to overtake Tencent in the past, but that was prior to the current market caps. As it stands now, Tesla, Facebook, and Tencent are all behind the world’s biggest cryptocurrency.
It was during the dreaded Black Thursday event in March of 2020 when Bitcoin saw its previous significant crash, going down to as little as $3,600 due to the COVID-19 pandemic. Since then, however, the asset has grown. Within less than a year, the asset had increased itself by more than fifteen times that price.
The real momentum only started in the second half of 2020, and hasn’t really seemed to stop. Microstrategy was a major bullish factor in the market, as it announced massive Bitcoin purchases. For 2021, however, the spotlight was placed on Tesla who had purchased $1.5 billion in cryptocurrencies.
Crypto Will Always Be Crypto
Time will tell if the asset managed to maintain this bullish momentum. There are more than a few investors that are looking at this entire event with a hefty dose of caution and fear. No one knows when the next market correction will happen, and no one can forget the great crypto winter of 2017. However, time will tell if these fears are unfounded, as Bitcoin had proved itself numerous times that it’s an asset to hodl like there’s no tomorrow.
