Bitcoin which is the largest crypto asset in the world is now more valuable than the giant companies Facebook and Tesla. The total Bitcoin market surpassed $ 870 billion on Tuesday after jumping 20% driven by Tesla's investment into $ 1.5 billion in cryptocurrencies.
Tesla's total market reach is around $ 814 billion. Tesla shares have jumped nearly 500% in the last 12 months. Facebook's total market is around $ 760 billion and Facebook shares have increased by about 25% since the beginning of 2020.
Tesla's revelation that the company is investing $ 1.5 billion into cryptocurrencies has rocked the media and has become the hottest topic on Twitter. Tesla CEO Elon Musk individually fully supports crypto by updating his Twitter bio with the Bitcoin tag.
In addition to Bitcoin, other cryptocurrencies including Ethereum, Cardano, Polkadot and Litecoin recorded strong gains in the last 24 hours. Ethereum reached an all-time high of $ 1,770 after the launch of CME’s Ethereum futures.
Crypto is gaining the attention of leading investment firms in recent months after a surge in demand from institutions. Furthermore, Facebook is expected to launch their own cryptocurrency Diem in 2021.
