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Bitcoin Displaces Tencent As it Clinches $1 Trillion Market Cap

Phillip Seefeldt

ByPhillip Seefeldt

Feb 21, 2021

Bitcoin has seen its price touch another level following the previous all-time high price that it recently touched. Judging by that, the digital asset has seen its market cap touch a milestone figure recently. Even though this figure has been seen at a period in time, the digital asset has made a new record.

Looking into the list of assets with the most market capitalization globally, Bitcoin has displaced Tencent from the top spot. With Bitcoin recording a market cap of $1 trillion, it displaced Tencent, which boasted of a market cap of around $900 million at that period. With that, Bitcoin has now entered into the top 6 companies that are listed on AssetDash.

Bitcoin has Google in its scope

Even though most people will see it as a small thing, the milestone is huge for Bitcoin, created as far back as 2009. With Bitcoin already topping Tencent, it has Google in its scope, with the company currently worth close to $1.4 trillion at this time. Giving his ten cents about the whole events, CEO and co-founder of coinsmart, Justin Hartzman, talked about the whole development and what it signals for the digital asset and the crypto sector.

In his analysis, Hartzman mentioned that this means that more people are putting their trust in Bitcoin, and more investors are coming into the network. Hartzman also mentioned that analysts have predicted that Bitcoin could be worth $100,000 by the end of the year, and he feels that it could happen. Bitcoin has been climbing steadily on the list of companies in terms of market cap after its exploit in October. The digital asset saw a massive rise in its price around that period to topple over PayPal. Around the period, the digital asset was worth close to $250 billion, but it has now seen a rapid rise to the position that it is now.

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Institutional investors have been the major trigger

Despite that Bitcoin already eclipsed Tencent in the past, the digital asset fell below the company as its market cap saw a drawback. As s it stands now, major entities such as Tesla, Facebook, and Tencent are now below Bitcoin in the ranking according to market capitalization. Bitcoin previously saw a massive crash in its price around the coronavirus pandemic period as the digital asset lost close to 50% of its value to trade at $3,600.

But presently, Bitcoin is trading at more than 15 times the price that it dropped to at that period. It shows that even though the asset can be rocked by volatility which could see the bears drag it down, the bullish run is always the period to the lookout. One major factor that has helped the rise of the asset is the massive adoption from several entities, with Microstrategy leading the chart since last year.

However, Tesla has gained all the attention in the market after it made its recent $1.5 billion investment. As the CEO of the firm, Elon Musk, has always been outspoken about his love for digital assets, especially Bitcoin.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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