Bitcoin surpassed Tesla in market capitalization on October 26, 2023, as the cryptocurrency continued its strong price rally. Bitcoin’s market cap reached $522.44 billion, while Tesla’s market cap was $675.26 billion.
Not just Tesla Bitcoin has outperformed various traditional stocks with its recent rally. For example, Bitcoin exceeds finance giant Visa and retail chain Walmart. Their market capitalizations are $489 billion and $438.07 billion, respectively.
The surge in Bitcoin value is mainly driven by growing interest in the possible spot exchange-traded fund rollout. The approval of the Bitcoin ETF is highly anticipated by traders as a bullish event.
A false tweet by the Cointelegraph was enough to pump the price by 10%. Imagine what would happen when approvals actually start to happen.
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