Bitcoin holds strong with higher market cap than Tesla despite bear market
Bitcoin has maintained a higher market capitalization than electric vehicle powerhouse Tesla, despite about 50% below its all-time high. Bitcoin is currently valued at $669.75 billion, significantly higher when compared to Tesla’s market cap of $630.83 billion. This is noteworthy given that Bitcoin is trading around $34,500, far from its historic peak of nearly $67,000 in November 2021. For more context, Bitcoin is also worth more than the valuations of biotechnology giant Eli Lilly at $525.84 billion and payments behemoth Visa at $496.38. Even world’s leading microchip manufacturer Taiwan Semiconductor Manufacturing Company (TSMC) has a lower valuation at $447.63 billion. You might also like: Analyst says Bitcoin ETF approval may be coming within days Since hitting the aforementioned all-time high, Bitcoin has been in an extended bear market. It started the year at under $17,000 before rebounding. However, many investors remain cautious, fearing the recent ...