Bitcoin’s market cap of around $ 1 trillion has surpassed Tencent, which was worth nearly $ 917.8 billion at time of publication, according to AssetDash.
The largest cryptocurrency asset now ranks sixth on the AssetDash list of companies with the highest market value worldwide. Google, officially known as its parent unit Alphabet (GOOGL), is ranked fifth with a market value of around $ 1.4 trillion at time of publication.
“At an all-new high price point, Bitcoin overtook Chinese tech giant Tencent, making it the sixth largest listed company in the world,” CoinSmart co-founder and CEO Justin Harzman told Cointelegraph.
“This is a convincing indicator of growth in value, confidence, and acceptance of the bitcoin and cryptocurrency industry. Many analysts say Bitcoin will exceed $ 100,000 this year and I don’t think the speculation will be very far.”
In October, Bitcoin surpassed PayPal to rank 21 on the leaderboard, with a market value of only $ 240 billion. Since then, the coin has grown significantly. Bitcoin used to outperform Tencent in terms of market cap, although the tire market has changed since then. At the time of publication, BTC was higher than Tencent, Tesla and Facebook.
The leading Crypto resource has grown exponentially after dropping to $ 3,600 in March 2020 during the pandemic-related downturn. The currency race gained steam in the second half of 2020 when a number of traditional financial units announced their Bitcoin purchases. One of the most prominent contributors was MicroStrategy, whose CEO, Michael Sailor, was defending Bitcoin.