Bitcoin Market Capitalization Crosses 1 Trillion USD, Flips Tencent

At around a trillion dollars, Bitcoin’s market capitalization has surpassed that of Tencent, which holds a valuation of around nine hundred and seventeen billion USD at press time, as per AssetDash rankings.

The biggest cryptocurrency by market capitalization, Bitcoin is now 6th on AssetDash’s list of top market capitalization corporations across the globe. It is to be noted that Google, officially known by its parent entity, Alphabet, holds the 5th spot with a market capitalization of around 1.4 trillion USD, at press time.

The co-founder and CEO of CoinSmart, Justin Hartzman mentioned,

“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.”

He added,

“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.”

The pioneering cryptocurrency has witnessed a noteworthy surge in prices since dropping to thirty-six hundred USD in March 2020 during a coronavirus-related crash. The cryptocurrency’s run picked up speed in the latter half of the last year, during which a number of conventional financial entities declared their BTC acquisitions. One of the more distinguished entrants has been MicroStrategy, whose CEO, Michael Saylor, has supported Bitcoin markedly.