In the midst of a lightning-fast bull run in the cryptocurrency market, Bitcoin (BTC) is outpacing another major American company in terms of market capitalization.
When the price of Bitcoin briefly crossed the $ 18,000 mark on November 18, Bitcoin’s market cap surpassed $ 336 billion, surpassing the market cap of Nvidia, one of the world’s best-known manufacturers of graphics cards.
On November 17, shares of Nvidia closed at $ 330.7 billion, according to data from Macro Trends. The close follows a significant drop from the $ 358.7 billion mark recorded on November 2. At the time of publication, Bitcoin’s market cap stands at $ 336 billion, according to data from CoinMarketCap.
Bitcoin’s new market capitalization milestone against Nvidia comes between Bitcoin and Nvidia seeing major growth in 2020.
As Cointelegraph reported, Bitcoin has grown nearly 400% this year, skyrocketing from under $ 4,000 in January 2020 to over $ 18,000 in November. Nvidia’s market cap has increased more than 100% this year, from around $ 150 billion to over $ 350 billion. According to Nvidia’s financial results released in August 2020, the company posted record revenue of $ 3.87 billion in the second quarter of 2020, up 50% from 2019.
Bitcoin and Nvidia have some close ties as the latter provides one of the best performing GPU cards in the world for mining cryptocurrencies such as Bitcoin. As previously reported, Nvidia may face some issues due to its cryptocurrency mining business.
In May 2020, a class action accused Nvidia of misrepresenting sales of more than $ 1 billion to minimize the company’s reliance on sales to crypto miners. In September 2020, Nvidia’s legal representatives said its investors do not have the right to access its internal ‘cryptocurrency’ records from 2017 and 2018.