Terrible! Bitcoin Market Cap Overtakes Tesla & Facebook

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Bitcoin and Ethereum crypto prices managed to touch new highs on Tuesday (9/11/2021) trading yesterday, where they both managed to touch the all-time high (ATH) level yesterday afternoon.

Launching data from CoinMarketCap Tuesday at 10:59 WIB, bitcoin managed to break its new high at a price of US$ 68,530.34/coin or around Rp. 976,557,345/coin (assuming an exchange rate of Rp. 14,250/US$).

According to Nayoko Wicaksono, Commissioner of Zipmex Indonesia, this is because positive sentiment towards bitcoin continues to grow.

One of the reasons is the increasing adoption of bitcoin and the increasing number of institutional investors who entrust this asset as a store of value.

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“As of October 29, 2021, the company MicroStrategy bought almost 9 thousand bitcoins. This brings their bitcoin assets to 7 billion US dollars.

While the market capitalization of bitcoin itself is only 7.4 billion US dollars. This makes MicroStrategy the largest bitcoin owner in the world.

That’s new bitcoin, not including other crypto assets,” said Nayoko in an official statement from Zipmex Indonesia, quoted on Wednesday (11/10).

This new record makes bitcoin the eighth largest asset in the world by Companies Market Cap, beating Tesla and Facebook. The market capitalization of bitcoin currently reaches US$ 1.264 trillion.

18 trillion, while Tesla’s market capitalization currently reaches US$ 1.028 trillion or Rp. 14,650 trillion and Facebook’s market capitalization reaches US$ 932.92 billion or Rp. 13,290 trillion.

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The crypto asset market since the beginning of last October is in a bullish mode. Within one month, the total market capitalization value of bitcoin assets increased to 1 trillion US dollars.

As a result, the entire crypto asset market capitalization alone has reached 3 trillion US dollars according to CoinMarketCap.

In addition to bitcoin, ethereum also hit a new all-time high in yesterday’s trading at a price of US$ 4,824.41 or Rp 68,747,843/coin, Tuesday at 12:00 WIB, based on data from CoinMarketCap.

This increase was due to the Ethereum network burning more Ether (ETH) than it generated in the previous week. This mechanism emerged after Ethereum introduced the Ethereum London Hard Fork upgrade last August.

“There is a possibility that the price of bitcoin and ethereum will continue to increase. Therefore, for the long run, HODL can be a good decision for investors, both for bitcoin and ethereum,” concluded Nayoko.

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