Amid a meteoric bull run within the cryptocurrency market, Bitcoin (BTC) is overtaking one other main American firm when it comes to market capital
Amid a meteoric bull run within the cryptocurrency market, Bitcoin (BTC) is overtaking one other main American firm when it comes to market capitalization.
As Bitcoin worth briefly crossed the $18,000 threshold on Nov. 18, Bitcoin’s market cap surged above $336 billion, outstripping the market cap of Nvidia — one of many world’s most well-known producers of graphics playing cards.
On Nov. 17, Nvidia’s shares closed at $330.7 billion, in response to knowledge from Macro Traits. The shut follows a big decline from a $358.7 billion threshold recorded on Nov. 2. At publishing time, Bitcoin’s market cap accounts for $336 billion, in response to knowledge from CoinMarketCap.
Bitcoin’s new market cap milestone towards Nvidia comes amid each Bitcoin and Nvidia seeing main progress in 2020.
As reported by Cointelegraph, Bitcoin surged almost 400% this yr, skyrocketing from beneath $4,000 in January 2020 to over $18,000 in November. Nvidia’s market cap surged greater than 100% this yr, up from round $150 billion to over $350 billion. Based on Nvidia’s monetary outcomes launched in August 2020, the corporate noticed document income of $3.87 billion within the second quarter of 2020, up 50% from 2019.
Bitcoin and Nvidia have some shut ties because the latter is offering one of many world’s greatest performing GPU playing cards for mining cryptocurrencies like Bitcoin. As beforehand reported, Nvidia may be going through some points resulting from its crypto mining-related exercise.
In Could 2020, a category motion accused Nvidia of misrepresenting over $1 billion in gross sales to downplay the agency’s reliance on gross sales to crypto miners. In September 2020, Nvidia’s authorized representatives argued that its buyers will not be entitled to entry its inside data concerning the “crypto craze” of 2017 and 2018.