Amid a meteoric bullish run within the cryptocurrency market, Bitcoin [BTC] is overtaking another major American firm in terms of market capitalization adoption & profitability.
As Bitcoin price briefly crossed the $18.8k threshold earlier today on 20th Nov., Bitcoin’s market cap surged over $345.7 Bln, outstripping the market cap of Nvidia — one among the world’s most well-known manufacturers of graphics cards.
Earlier on 17th Nov., Nvidia’s shares closed at $331.7 Bln, consistent with data from Macro Trends. The closure follows a big decline from a $358.7 Bln threshold recorded on 2nd Nov. At the reporting time, Bitcoin’s market cap accounts for over $345 Bln, consistent with data from CoinMarketCap.
Bitcoin’s new market cap milestone against Nvidia comes amid both Bitcoin and Nvidia seeing major growth in 2020.
As reported, Bitcoin surged nearly 400% this year, skyrocketing from below $4k in January 2020 to over $18k earlier in November. Nvidia’s market cap surged over 100% this year, up from around $150 Bln to over $350 Bln. Consistent with Nvidia’s financial results revealed in August 2020, the firm saw record revenue of $3.87 Bln within the second quarter of 2020, up 50% from 2019.
Bitcoin [BTC] & Nvidia have some close ties because the latter is providing one among the world’s best performing GPU cards for mining cryptocurrencies like Bitcoin [BTC]. As previously reported, Nvidia could be facing some issues due to its crypto mining-related activity.
Earlier in May 2020, a category action accused Nvidia of misrepresenting over $1 Bln in sales to downplay the firm’s reliance on sales to crypto miners. Earlier in Sept. 2020, Nvidia’s legal representatives argued that its investors aren’t entitled to access its internal records about the “crypto craze” of 2017 and 2018.