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Bitcoin Smashes Past 41000 USD, Market Cap Crosses Tencent

In a “sweet” rally, Bitcoin crosses 41000 USD mark for the first time in history. The largest cryptocurrency by market cap even crossed the market capitalization of Tesla for briefly as bulls advocate the upwards impetus is not finished even at 40000 USD level.

Notably, on 8th January, Bitcoin got back to 40k level as another price consolidation period concluded momentarily.

With bitcoin prices surpassing US$40k overnight, Paolo Ardoino, CTO at Bitfinex commented:

“Bitcoin is rising in the eye of a perfect storm. The backdrop is one of continuing global macroeconomic uncertainty that has the potential to devalue fiat currencies. High finance’s embrace of the digital gold narrative may potentially be followed by retail as the market cap of all cryptocurrencies reaches $1 trillion for the first time.” 

Subsequent to a nine percent drop, BTC stayed lower only for a couple of hours before the return of bullish momentum. Subsequently, Bitcoin has achieved new ATH as it crossed 41000 level, at press time.

BTC Crosses Tencent’s Market Cap

Notably, BTC has managed to beat the market capitalization of Chinese giant Tencent. Furthermore, it temporarily surpassed Tesla as it crossed forty-one thousand dollars mark.

According to data from Companies Market Cap and CoinMarketCap, Bitcoin has almost entered the top five companies by market capitalisation. 

As Bitcoin has surpassed 41,000 level, the market capitalization of the crypto asset has grown to record heights. At press time, it has achieved a market cap of over 766 Billion USD.

Apropos the rapid rise, Tyler Winklevoss, the co-founder of Gemini crypto exchange, recently commented, “There are still companies in the world that are worth more than #Bitcoin. Crazy.”

What do you think about the rapid rise of Bitcoin’s price? Let us know in the comments below!

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