Crypto News

Bitcoin Price Rallies Above $41,000 As Market Cap Passes Tencent

  • After a 9% fall, Bitcoin returned to $40,000 on Jan. 8 and has since gone on to reach a new all-time high as another price consolidation period ended.
  • Bitcoin most notably beat the market cap of Chinese giant Tencent, topping out at $745 billion, and briefly passed “darling” tech firm Tesla as it rose to $41,000 per coin.
  • At the same time, Tesla delivered a swift 7.3% daily gain, allowing it to outpace Bitcoin once again after losing its market cap prowess to the leading cryptocurrency for a short period.
  • A more decisive victory came over Tencent, however, which at $716 billion firmly bowed to Bitcoin’s momentum. Previously, Tencent was also worth more than Tesla.
  • Tesla had likewise outperformed against stocks and cryptocurrency in 2020, beating even Bitcoin’s performance versus its March lows.
  • A look at the Tencent stock growth, meanwhile, underscores the slow pace of gains which characterized other stocks compared to Bitcoin.
  • Read the full story here.

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Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

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