Bitcoin's market cap has outpaced Tesla (NASDAQ:TSLA) Inc., hitting over $750 billion on Thursday, marking a 6.4% surge in value and nearing $38,000. This significant increase now places Bitcoin in the 11th position among global assets by market cap, ranking higher than major entities like Eli Lilly (NYSE:LLY) and Visa (NYSE:V), but still trailing Warren Buffet’s Berkshire Hathaway (NYSE:BRKa).
This growth is largely driven by the growing anticipation of the potential approval of 12 spot Bitcoin ETF applications by the U.S. SEC. An eight-day window for these decisions started on Thursday, with Bloomberg Intelligence analysts predicting a 90% chance of approval by January 10, 2024.
Since the beginning of the year, Bitcoin's market cap has more than doubled from $320 billion to $735 billion, a level last seen in May 2022. Now, only six U.S. companies boast a higher market cap than Bitcoin. In addition, Bitcoin accounts for over half of the total cryptocurrency market.
In terms of performance, Bitcoin's price increased by 130% in 2023, being outperformed only by NVIDIA Corp (NASDAQ:NVDA). and Meta Platforms Inc (NASDAQ:META). in the S&P 500 rankings. This marks its fourth consecutive week of gains, the longest streak since January 2023.
Companies related to Bitcoin like Marathon Digital (NASDAQ:MARA) Holdings Inc., Riot Platforms (NASDAQ:RIOT) Inc., and Coinbase (NASDAQ:COIN) Inc., also experienced significant increases in response to this rally.
However, despite this positive trend in Bitcoin's value, the stance of Elon Musk, CEO of Tesla Inc., remains unclear. On another note, Cathie Wood’s Ark Invest is partnering with 21Shares to launch a suite of crypto-focused ETFs.
Earlier today, Bitcoin's market cap had surpassed Tesla's at $717.23 billion compared to Tesla's $706.06 billion according to CompaniesMarketCap data, driven by a rally close to $37,000. Tradingview data shows Bitcoin's value has surged over 120% this year, hitting an 18-month peak near $37,000 before falling back to around $36,568. This significant growth resulted in more than $65 million losses for Bitcoin short sellers.
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