The majority of the cryptocurrency market is back in the green after a tough 2022, and the market cap of Bitcoin (BTC) has already outstripped some of the major holdings on the exchange, including Tesla.
Bitcoin surpasses Tesla with its market value
According to CompaniesMarketCap data received on January 23, Bitcoin’s market cap exceeded $440.55 billion, while the market value of electric vehicle (EV) manufacturer Tesla, led by businessman Elon Musk, reached $421.30 billion.
Bitcoin’s market cap is higher than Tesla’s. Source: Companies Market Value
Indeed, the flagship decentralized finance (DeFi) asset is riding on renewed waves of crypto optimism in 2023, adding $39.02 billion to market cap in a single week while the global crypto market cap has reclaimed $1 trillion.
Bitcoin price analysis
At the time of writing, Bitcoin is changing hands at $22.887; this represents an increase of 0.55% on the day, 9.71% over the previous week and up to 35.89% over the last 30 days, as the charts show.
Bitcoin 30 day price chart. Source: Finbold
According to the latest data accessed Jan. 23 on crypto tracking platform CoinMarketCap, with its current market cap, Bitcoin tops the list of all cryptocurrencies according to this indicator, followed by Ethereum (ETH).
Tesla’s struggles
On the other hand, dealing with rising costs and supply chain disruptions affecting the automotive industry, Tesla lost a significant portion of its share price despite delivering a record 1.3 million units in 2022, forcing it to lower the prices of its Model.
Meanwhile, eTukTuk, the first EV project created on the Cardano (ADA) network, could be a future competitor and will begin its deployment in Sri Lanka, as announced at the World Economic Forum (WEF) in Davos. The interest of EV manufacturers in the blockchain and crypto industry.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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