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BTC $43550.18 (7.25%)
ETH $3070.61 (12.4%)
USDT $1.00 (0.04%)
BCH $546.02 (7.89%)
BSV $147.02 (6.75%)
LTC $161.09 (9.01%)
BNB $379.29 (9.56%)
ADA $2.24 (13.1%)
DOGE $0.22 (13.0%)

Crypto Market Cap Now Surpasses Google Alphabet

Crypto Market Cap Now Surpasses Google Alphabet
  • The total market cap of all cryptocurrencies has exceeded that of Google’s parent company Alphabet.
  • Today, the crypto market cap topped $1.53 trillion, which is more than Google Alphabet.
  • Moreover, many companies now hold about $4.8 billion in bitcoin on their balance sheets.

Bitcoin, the largest crypto, set a new all-time high of $49,714 on Feb. 14, coming close to $50,000. Therefore, the crypto market cap topped $1.53 trillion.

The total market cap of all crypto has passed that of Google’s Alphabet. In other words, crypto became more valuable than Google Alphabet — the world’s fifth most valuable company by market cap.

The crypto market hit another record due to the Tesla-inspired rally this week. Bitcoin is up 28% this week after Tesla said it bought $1.5 billion in bitcoin.

Tesla’s news comes days after the MicroStrategy conference for business leaders about the merits of having bitcoin. MicroStrategy holds $3.1 billion in bitcoin.

MicroStrategy CEO Michael Saylor said:

If your company has money on its balance sheets and it’s sitting in fiat currencies like euros and dollars, they are losing about 15% of their purchasing power each year. The simple solution is to convert some of that cash into bitcoin.

Tesla also stated that it soon might accept bitcoin as payment. It also said that it might not directly sell the bitcoin it gets as payment.

According to Bitcoin Treasuries, a tracker of corporate finance in crypto, Tesla is the second-largest holder of crypto. Toronto-based Galaxy Digital follows it with around $760 million, and many other companies. In total, companies hold about $4.8 billion in bitcoin on their balance sheets.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.