Cryptocurrency markets have hit a significant milestone shortly after Elon Musk’s Tesla officially announced their investment in Bitcoin (BTC).
For the first time in history, the crypto market has surpassed Alphabet’s GOOG and GOOGL in terms of market capitalization.
On Feb. 10, the total crypto market cap hit $1.413 trillion, overtaking the market cap levels of Google class-A and class-C shares. At the time of writing, the market capitalizations of GOOGL and GOOG amount to $1.39 trillion and $1.404 trillion, respectively.
Crypto market capitalization has been gaining momentum amid an ongoing crypto rally this year, breaking the $1 trillion mark in early January.
Total crypto market cap previously surpassed the market cap level of Tesla, which amounts to around $815 billion at the time of writing. Soon after crypto markets broke Tesla’s market cap, the company made a massive announcement on Feb. 8, reporting a $1.5 billion investment in Bitcoin to the United States’ Securities and Exchange Commission.
Crypto's recent pump now puts the market behind Amazon, Microsoft and Apple in terms of market cap.
Ahead of the record-breaking crypto market cap, Bitcoin and Ether (ETH) hit new all-time highs of above $48,000 and $1,800, respectively.
Following Tesla’s official move into Bitcoin investment, some in the industry speculated that Apple could be the next institutional player to adopt the crypto asset.