After U.S. markets closed, Bitcoin was up 6% in 24 hours, trading at about $19,982, as traditional markets recovered earlier losses to close higher. Per CoinMarketCap, the largest cryptocurrency has increased by over 18% during the last seven days.
According to data from companiesmarketcap.com, Bitcoin, the world’s largest cryptocurrency, has eclipsed banking behemoth Mastercard in terms of market value.
The flagship cryptocurrency is now worth $372 billion after reaching an intraday high of $20,000 on the Bitstamp platform. Before that, Bitcoin outperformed significant companies like Meta Platforms, Eli Lilly, and Chevron, with bulls finally on a winning streak after months of disappointing market action.
The largest cryptocurrency is now closing in on Tesla, the leading e-car manufacturer. Tesla’s stock took a beating last year, with the firm losing the majority of its market capitalization and CEO Elon Musk became the first person in history to lose $200 billion.
Bitcoin has fallen more than 72% from its all-time high. In November 2021, the company’s market valuation topped $3 trillion. The market cap of a corporation is derived by multiplying the number of outstanding shares by the stock price per share. In other words, it shows the overall value assigned to a company by investors depending on current market conditions. Bitcoin’s market capitalization is derived by multiplying the total number of coins (or tokens) by the current market price per unit.
This statistic can change daily, as any shift in investor sentiment or changes in the stock price will have an immediate impact on the company’s overall market capitalization. Apple is currently the most valuable firm in the world, with a market worth of more than $2.1 trillion.
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