The worldâ€™s leading cryptocurrency touched the price level of $40,000, breaching the level for the first time
On one of the darkest days in US history, Bitcoin (BTC) has managed to maintain its incredible price rally. The cryptocurrencyâ€™s price shot up even as thousands of rioters raided the Capitol building.
BTC has once again set a new all-time high barely 24 hours after smashing its previous record high. According to TradingView, the digital asset hit $40k at around 18:13 UTC yesterday and transcended to a high of $40,374 less than five minutes later. It has also doubled its historic high of $20,000 posted during the 2017 crypto market boom.
However, the breach into the $40,000 level was short-lived as BTC saw a pullback resulting in a sharp dip to around $37,500. The quick retracement has primarily been attributed to substantial selling pressure at that critical psychological level. As of writing, Bitcoin is trading at $39,712â€”having climbed 9.67% in the last 24 hours. The assetâ€™s year-to-date gain is currently approaching 36%.
It is worth noting that the crypto asset is closing in on Facebook and Tesla in terms of market capitalisation. The automotive and energy company has a market capital just north of $773 billion, as per AssetDash. Facebook, on the other hand, is crossing $766 billion.
Meanwhile, Bitcoin is gaining ground and advancing into the $738 billion region. Facebook and Tesla took 16 and 17 years, respectively, to reach a $730 billion market cap, whereas Bitcoin has reached the same milestone in 12 years.
The market cap of leading assets. Source: AssetDash
Industry experts have often drawn comparisons between Tesla and BTC. Some have even gone ahead to declare Bitcoin as the superior asset.
However, the EV-manufacturer stock had a better run in 2020 than Bitcoin in terms of yearly gains last year. Teslaâ€™s stock wrapped up the year with an upswing of over 700%, whereas BTC managed a 300% jump. Even so, the crypto asset has maintained its uptrend since the start of the year.