Bitcoin Is Now Bigger Than Tesla Again As It Hits Fresh All-Time High — These Companies Are The Next Targets

Apex cryptocurrency Bitcoin BTC/USD has again surpassed electric vehicle maker Tesla Inc. TSLA in terms of market capitalization and now has the market cap of e-commerce giant Amazon.com Inc. AMZN as well as oil company Saudi Aramco in its sight.

What Happened: Bitcoin’s market capitalization reached $1.29 trillion after the cryptocurrency hit a new all-time high of $68,530.34 on Monday night. In the process, it surpassed Tesla’s market capitalization of $1.17 trillion, according to data from Asset Dash.

For comparison, Saudi Aramco and Amazon have market caps of about $2 trillion and $1.77 trillion, respectively.

Bitcoin surpassed Facebook Inc. FB in terms of market capitalization last month.

See Also: How To Buy Bitcoin (BTC)

Bitcoin now sits at the sixth position in the list of most valuable assets by market capitalization, behind titans such as Microsoft Corp. MSFT, Apple Inc. AAPL, Alphabet Inc. GOOG GOOGL, Saudi Aramco and Amazon.

Bitcoin has risen 10.4% over a seven-day period. The cryptocurrency’s year-to-date gains stand at 132.01%.

Why It Matters: Bitcoin’s recent strong gains come following the listing of the first-ever Bitcoin Futures Exchange Traded Fund last month.

Bitcoin’s network is set to implement a major network upgrade dubbed “Taproot” this week. This would be the first major protocol upgrade for the cryptocurrency since 2017 and is expected to improve the coin's privacy, efficiency and smart contract capabilities.

The apex cryptocurrency is currently the most-discussed virtual asset on Twitter over 24 hours, as per Cointrendz data.

Price Action: Bitcoin is up almost 4.1% during the past 24 hours, trading at $68,147.05 at press time.

Read Next: Cathie Wood Sheds $27M In Coinbase As Stock Soars Amid Bitcoin, Ethereum Reaching For New Highs