Bitcoin Surpasses Facebook's Market Valuation: What You Should Know

Apex cryptocurrency Bitcoin BTC/USD surpassed social media giant Facebook Inc. FB in terms of market capitalization on Monday.

What Happened: Bitcoin’s market capitalization stands at $927.56 billion as at press time, as per CoinMarketCap data, compared to Facebook’s market cap of $919.79 billion.

Bitcoin also has a healthy lead over electric vehicle maker Tesla Inc. TSLA, which has a market capitalization of $782.91 billion.

See Also: How To Buy Bitcoin (BTC)

Bitcoin is up 3.3% during the past 24 hours. Over a seven-day period, the cryptocurrency has risen 14.9%. It is down almost 24.1% from its all-time high of $64,863.10 reached in May.

Why It Matters: Bitcoin’s gains come as the cryptocurrency attempts to regain the psychologically important $50,000 mark that it previously touched in August.

Meanwhile, Facebook’s shares tumbled almost 5% on Monday after the company’s Facebook, Instagram and WhatsApp platforms suffered a widespread outage for more than six hours on Monday.

In addition, a Facebook whistleblower revealed her identity on CBS’ “60 Minutes” over the weekend and accused the social media giant of “betrayal of democracy.”

Price Action: Facebook shares closed almost 4.9% lower in Monday’s trading at $326.23.

Bitcoin is up 2.8% during the past 24 hours, trading at $49141.40 at press time.

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