Cryptocurrency markets reached a major milestone shortly after Tesla Elon Musk officially announced their investment in Bitcoin (BTC).
For the first time in history, the cryptocurrency market has surpassed the alphabet on GOOG and GOOGL in market cap.
On February 10, the total market cap of the cryptocurrency was $ 1.413 trillion, surpassing the market covers of Google Class A and Class C. At the time of writing, the market covers for GOOGL and GOOG were $ 1.39 trillion and $ 1.404 trillion, respectively.
Cryptocurrency market cap is gaining momentum in the continuous rally of cryptocurrencies this year, exceeding $ 1 trillion in early January.
The total market cap of cryptocurrencies previously exceeded Tesla’s market value, which at the time of writing was around $ 815 billion. Shortly after cryptocurrency markets were disrupted by Tesla’s market capitalization, the company made a huge announcement on February 8th, announcing a $ 1.5 billion investment in Bitcoin to the US Securities and Exchange Commission.
The latest Crypto Pump now places the market behind Amazon, Microsoft and Apple in terms of market value.
Ahead of record market conditions for cryptocurrencies, Bitcoin and Ether (ETH) hit new highs, topping $ 48,000 and $ 1,800, respectively.
After Tesla’s official move to investing in Bitcoin, some in the industry expected Apple to be the next institutional player to exploit cryptocurrencies.