Bitcoin now the 8th ranked asset by market cap after surpassing Tencent. Based on Infinite Market Cap data, Bitcoin currently has a market cap of $974.01 billion while Tencent has $932.58 billion.
Tencent is a global Chinese tech holding company. The brand uses its Weixin and QQ sites to offer users digital content and other services. Of note, Fortune Magazine recently ranked Tencent as one of the top three internet service providers.
However, Tencent is not the first tech giant that Bitcoin has out-ranked. Earlier this year Bitcoin surpassed Facebook, Tesla, and Alibaba in market cap.
The top crypto has been on a bull rampage that saw it breaking the $50k price barrier to set a new ATH. Analysts have partly attributed Bitcoin’s strong market presence to some big companies, like Tesla, adding it to its balance sheets.
Coinbase recently moved 2, 390 Bitcoin worth about $122 million into storage. The move has fueled rumours that the exchange assisted Tesla’s $1,5 billion Bitcoin purchase. Guesses also suggest that the exchange has multiple Fortune 500 Bitcoin clients.
Recently the entirety of the crypto market cap passed Google’s parent company Alphabet. With analysts predicting that Bitcoin’s bull run is far from over. It may only be a short matter of time before Bitcoin alone passes Google’s market cap as well. Google’s market cap is currently $1,431 trillion.