In the middle of a meteoric bull run in the cryptocurrency market Bitcoin (BTC) outperforms another large American company in terms of market capitalization.
When the price of Bitcoin briefly passed the $ 18,000 threshold on November 18, Bitcoin’s market capitalization surged to over $ 336 billionand exceeds the market capitalization of Nvidia, one of the most famous graphics card manufacturers in the world.
November 17th Nvidia shares closed at $ 330.7 billionaccording to data from Macro Trends. The closure follows a significant drop from a $ 358.7 billion threshold that was recorded on November 2nd. At the time of publication Bitcoin’s market capitalization is $ 336 billionaccording to data from CoinMarketCap.
The new milestone in Bitcoin’s market capitalization versus Nvidia is in the midst Bitcoin and Nvidia are seeing tremendous growth in 2020.
As reported by Cointelegraph, Bitcoin is up nearly 400% this yearand rose from less than $ 4,000 in January 2020 to more than $ 18,000 in November. Nvidia’s market cap increased more than 100% this yearfrom about $ 150 billion to over $ 350 billion. Based on Nvidia’s financial results released in August 2020, the company posted record sales of $ 3.87 billion in the second quarter of 2020, up 50% from 2019.
Bitcoin and Nvidia are closely relatedThe latter offers one of the most powerful GPU cards in the world for mining cryptocurrencies such as Bitcoin. As previously reported, Nvidia could face some issues due to its cryptocurrency mining related activities.
In May 2020 In a class action lawsuit, Nvidia was accused of misrepresenting sales of more than $ 1 billion in an attempt to minimize the company’s reliance on sales to crypto miners. In September 2020, Nvidia’s legal representatives argued that its investors had no right to access their internal records of the 2017 and 2018 “crypto craze”.