Bitcoin’s market cap flipped Tencent on its way to $1 trillion

At approximately $1 trillion, Bitcoin’s market cap has blown past Tencent, which holds a valuation of roughly $917.8 billion at time of publication, according to AssetDash rankings. 

Crypto’s largest digital asset is now sixth on AssetDash’s list of top market cap companies across the globe. Google, officially known by its parent entity, Alphabet (GOOGL), holds the fifth spot with a market cap of approximately $1.4 trillion at the time of publication.

“After reaching a new all-time high price mark, Bitcoin surpassed Chinese tech giant Tencent, moving it up to the #6 spot in the world among publicly traded companies,” CoinSmart co-founder and CEO, Justin Hartzman, told Cointelegraph, adding:

“This is a strong indicator of the increased value, trust and adoption of Bitcoin and the cryptocurrencies industry. Many analysts are saying this is the year Bitcoin will surpass $100K, and I don’t think that speculation is too far off.”

In October, Bitcoin surpassed PayPal, taking the 21st position on the leaderboard with a market cap just shy of $240 billion. The coin has grown substantially since then. Bitcoin has broken past Tencent in market cap rank before, although market caps have changed since then. At the time of publication, BTC ranks above Tencent, Tesla and Facebook. 

Crypto’s pioneering asset has enjoyed a significant rally since falling to $3,600 in March 2020 during a pandemic-related crash. The coin’s run picked up speed in the latter half of 2020, during which a number of mainstream financial entities announced their Bitcoin purchases. One of the more notable entrants has been MicroStrategy, whose CEO, Michael Saylor, has advocated significantly for Bitcoin.