Bitcoin flippens Tesla and Facebook — will Amazon be next?

Published at: Nov. 8, 2021

After rising above $66,000 today and reaching a market capitalization of more than $1.2 trillion, Bitcoin has surpassed the total market cap of both car manufacturer Tesla and social media giant Facebook.

According to data from AssetDash, Bitcoin (BTC) is now the 6th most valuable asset by market capitalization among major companies, behind Microsoft, Apple, Google's parent company Alphabet, Saudi Aramco, and Amazon. The crypto asset passed Tesla’s and Facebook’s market caps of $1.19 trillion and $975 billion, respectively, as its price hovers close to $66,000 and within striking distance of its all-time high of $67,000.

The recent price rise puts Bitcoin’s market cap within $600 billion of Amazon. Tesla CEO Elon Musk’s recent announcement that he planned to sell 10% of his Tesla holdings could have contributed to the BTC volatility over the weekend, when the crypto asset rose more than 4% from $62,941 to $65,512 in less than two hours.

Bitcoin’s market cap was already worth more than the total value of many fiat currencies. In February, the crypto asset flippened the Russian ruble, likely in response to Tesla announcing it had purchased an aggregate of $1.5 billion in BTC. Bitcoin’s market cap also briefly flippened the Swiss franc in October.

Related: The great crypto flippening: Can Ethereum overtake Bitcoin?

The price of Ether (ETH) also rallied to rise above $4,700 for the first time in the token’s history, with a market capitalization of more than $565 billion — more than $400 billion ahead of the third-ranked cryptocurrency Binance Coin (BNB). The gains from the two assets have helped the total crypto market cap rise to more than $3 trillion.

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