Bitcoin Is Targeting Tesla’s 10th Largest Asset By Market Cap

Key Points:

• Bitcoin has surged 80%, expanding its market cap to over $580 billion, at one point during the day, it overtook Tesla to rise to 10th place.
• Ethereum is about to have an important update, but it does not appear to be the driving force for the bull market.
• BTC’s own liquidation volume reached over $100 million in the last 24 hours.

Bitcoin tops $30,000 for the first time since June ahead of key inflation data, which is remarkable news when the market. Not only that, it is becoming one of the large-cap assets at the moment, possibly even threatening Tesla’s position.

Although Bitcoin has since risen to just more than $30,000, perhaps providing some support, market sentiment remains largely positive.

According to CompaniesMarketCap, Bitcoin has exceeded Tesla by a few hours – the firm has a market capitalization of $584.76 billion, placing 10th among 100 public companies, precious metals, cryptoassets, and ETFs. The move to $30,000 knocked Bitcoin back to 11th position, enabling Tesla to retake 10th place.

Another item to keep an eye out for tomorrow is the Ether community’s day.

The Shanghai upgrade, also known as the Shanghai-Capella hard fork, is slated to take place on Wednesday, after which users will have access to the over $30 billion in ETH deposited on the blockchain since December 2020.

The update has been largely seen as a long-term positive for Ethereum’s native coin. Yet, BTC, rather than ETH, is outperforming the total crypto market and is becoming more dominant as the upgrade approaches.

According to statistics recorded by the charting platform TradingView, Bitcoin’s dominance rate, which gauges the biggest cryptocurrency’s share of overall market value, increased to 48.4% early Tuesday, the highest since July 2021.

However, the price increase is not necessarily positive for traders either. According to data from Coinglass, BTC liquidation has increased to over $100 million in the last 24 hours, indicating a failure of the bulls and expectations of a possible correction at this key level.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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