It was just the beginning of the New Year when the cryptocurrency industry confirmed that it had crossed the $1 trillion market capitalization. After about only 35 days, the cryptocurrency industry has made yet another huge announcement for the entire cryptocurrency community.
On February 10, 2021, the cryptocurrency industry made another announcement that its market capitalization has now hit $1.4 trillion. One of the main drivers behind the sudden surge in the market capitalization of the industry is Tesla.
It has been three weeks since Elon Musk started interacting with his entire Twitter community, talking about cryptocurrencies. He started talking about GameStop and its shares went up, he started talking about DogeCoin and its prices surged as well.
Later on, Elon Musk made a small comment about Bitcoin (BTC) that resulted in surging its price and showed significant growth. However, the recent announcement made by Tesla has worked like a charm for the entire cryptocurrency industry.
Right after the announcement made by Tesla that it had invested $1.5 billion in BTC, the entire cryptocurrency industry has started experiencing a strong rally.
According to the on-chain data analyzing firms, it has happened for the first time in the history of the cryptocurrency industry that it has crossed the $1.413 trillion market capitalization.
Furthermore, the cryptocurrency industry has even surpassed Alphabet’s GOOGL and GOOG in terms of market capitalization. The sources suggest that the overall market capitalization of the crypto-industry has now overtaken the market cap of Google class-C and class-A shares.
At the time of writing, the market capitalization of GOOG is $1.39 trillion while the market capitalization of GOOGL is $1.404 trillion.
The cryptocurrency industry has been gaining a lot of momentum and growth with respect to its market capitalization since the beginning of the year. In the past, the overall market capitalization of cryptocurrencies managed to surpass the market capitalization of Tesla.
At the time of writing, the market capitalization of Tesla is $815 billion, which is now way less than that of cryptocurrencies.
With the recent market capitalization achieved by the cryptocurrency industry, it is now behind three major companies. From the ascending order, the company on the 3rd spot is Amazon that currently sits at $1.66 trillion in market capitalization. The company on the 2nd spot is Microsoft, with a market capitalization of $1.84 trillion and the company on the 1st spot is Apple with a market capitalization of $2.28 trillion.
From the amount of growth and investments being gathered by the cryptocurrency industry, it is expected that the industry will soon overtake Amazon that is sitting at $1.66 trillion.
The recent announcement made by Tesla has actually worked wonders for the entire cryptocurrency industry. At the time of publishing, both top cryptocurrencies, Bitcoin and Ethereum are experiencing their all-time highs of $46k per BTC and $1.7k per ETH respectively.