Bitcoin even goes beyond Tesla’s market cap for a short time as bulls suggest the upward momentum is not done at $40,000.
Bitcoin (BTC) returned to $40,000 on Jan. 8 as another price consolidation period ended characteristically briefly.
After a 9% fall following runs to all-time highs the day before, Bitcoin managed to stay lower only for a matter of hours before bullish momentum returned. Thereafter, the largest cryptocurrency not only matched its all-time highs but delivered a new one: $40,087.
“Seems we only dump to shake out the weak hands these days,” a popular social media trader summarized on the day.
Big player market caps topple to BTC
Bitcoin also beat the market cap of Chinese giant Tencent and briefly passed “darling” tech firm Tesla as it rose to $41,000 per coin.
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 at $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.