Bitcoin’s market cap surpasses Tesla as ETF-fuelled rally pushes it closer to $37k Bitcoin’s market cap surpasses Tesla as ETF-fuelled rally pushes it closer to $37k
BTC's price performance mirrors the increasing optimism around the possible approval of a spot ETF product by the SEC.
2 min read
Updated: Nov. 9, 2023 at 2:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s market capitalization has eclipsed that of Tesla, the electric car giant led by Elon Musk, fueled by its recent rally near $37,000 during the early hours of Nov. 9.
As of press time, BTC’s market cap stands at $717.23 billion, surpassing Tesla’s $706.06 billion by $11 billion, according to data from CompaniesMarketCap.
BTC increased by more than 4% during the last 24 hours, adding $28 billion to its market cap.
This achievement elevates Bitcoin to the 11th spot among the world’s largest assets by market cap, surpassing prominent entities such as pharmaceutical giant Eli Lilly and financial payment leader Visa.
Nevertheless, it still lags a few billion dollars behind Warren Buffet’s Berkshire Hathaway, which currently ranks as the 10th largest company by market capitalization.
BTC eyes $37k
Bitcoin’s value has grown by more than 120% on the year-to-date metrics, according to Tradingview data. During the last 24 hours, BTC’s price recorded notable growth, rallying to a fresh 18-month high near $37,000 before retracing to its current levels of $36,568.
As a result, crypto traders who held short positions in BTC lost more than $65 million during the reporting period, according to a previous CryptoSlate analysis.
ETF approval window
Meanwhile, BTC’s price performance mirrors the increasing optimism around the possible approval of a spot Bitcoin exchange-traded fund (ETF) product by the U.S. Securities and Exchange Commission (SEC).
CryptoSlate reported that the SEC has an 8-day window opening starting Nov. 9 to approve the numerous spot BTC ETF applications before it.
Bloomberg ETF analyst James Seyffart pointed out that the financial regulator has its first opportunity to allow all 12 filers to launch for the first time since it failed to contest its loss against crypto investment firm Grayscale. He added:
“This window for all 12 ends by 11/17. But theoretically, SEC could make a decision on the first 9 on this list at any point from now until Jan 10, 2024.”
Bitcoin Market Data
At the time of press 2:26 pm UTC on Nov. 9, 2023, Bitcoin is ranked #1 by market cap and the price is up 5.99% over the past 24 hours. Bitcoin has a market capitalization of $733.14 billion with a 24-hour trading volume of $29.11 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 2:26 pm UTC on Nov. 9, 2023, the total crypto market is valued at at $1.4 trillion with a 24-hour volume of $64.78 billion. Bitcoin dominance is currently at 52.54%. Learn more about the crypto market ›
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tesla
Tesla is a manufacturer of electric vehicles and a clean energy company led by billionaire Elon Musk.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.