As BTC/USD crossed the $40,000 mark, Bitcoin’s market cap grew to unprecedented levels, topping out at $745 billion. A day later, following a correction, the figure retreated to $737 billion before regaining its earlier record.
At the same time, Tesla delivered a swift 7.3% daily gain, allowing it to outpace Bitcoin once again after losing its market cap prowess to the cryptocurrency for a short period. On Friday, the company was on $773 billion as Bitcoin once again sailed through $40,000.
A more decisive victory came over Chinese tech giant Tencent, however, which at $716 billion firmly bowed to Bitcoin’s momentum. Previously, Tencent was also worth more than Tesla.
As Cointelegraph reported, Tesla had likewise outperformed against stocks and cryptocurrency in 2020, beating even Bitcoin’s performance versus its March lows. A look at Tencent stock growth meanwhile underscores the slow pace of gains which characterized other stocks compared to cryptocurrency.
“There are still companies in the world that are worth more than #Bitcoin. Crazy,” Tyler Winklevoss, co-founder of Gemini exchange, commented on the phenomenon.