(GBTC), Alibaba (NYSE:BABA) – Cryptocurrency Market Valuation Crosses $1T, Bitcoin Zeroes In On Tesla

The combined market valuation of cryptocurrencies crossed the crucial $1 trillion mark late Wednesday, as per data from CoinMarketCap.

Bitcoin Zeroes In On Tesla: Bitcoin (BTC) briefly crossed the $37,000 mark late evening and traded slightly lower at $36,881 at press time.

The world’s apex cryptocurrency alone has a market valuation of $685.76 billion. 

This puts Bitcoin ahead of Alibaba Group Holding Ltd. (NYSE: BABA), which has a market valuation of $615.8 billion, and Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A)(NYSE: BRK-B), which has a market valuation of $540.58 billion.

Elon Musk-led electric vehicle maker Tesla Inc. (NASDAQ: TSLA), which saw a record surge in 2020 itself, has a market valuation of $716.59 billion.

Other Cryptocurrencies: Bitcoin has a 68.3% dominance of the cryptocurrency market.

The next digital asset in line, Ethereum (ETH), has a market capitalization of $137.4 billion at press time, as per CoinMarketCap data. 

Ethereum traded just above the $1,200 mark at press time, having added 60.8% gains in the trailing 7-day period. XRP (XRP), which is troubled by a U.S. Securities and Exchange Commission lawsuit, had staged a minor recovery, trading at $0.2625.

Bitcoin has gotten some high-flying price targets from analysts in recent months, with JPMorgan saying it could reach $146,000 long-term.

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