Both Bitcoin and Nvidia have both experienced considerable growth in 2020, but today the winner is Bitcoin’s market cap.
During an amazing bull run in the cryptocurrency market, Bitcoin (BTC) is overtaking another major US company in terms of market capitalisation.
On 18 November, while Bitcoin’s price hit the $18,000 mark, the crypto asset market cap reached $336 billion, surpassing that of Nvidia, one of the world’s best-known graphics card manufacturers.
According to Macro Trends data, Nvidia’s shares closed the day on 17 November at $330.7 billion, after a significant drop from the record high of $358.7 billion set on 2 November. At the time of writing, Bitcoin’s market cap amounts to $334 billion, according to data provided by CoinMarketCap.
The new milestone of Bitcoin’s market cap against Nvidia follows strong growth in 2020 for both.
As reported by Cointelegraph, this year Bitcoin has gained almost 400% from less than $4,000 in January to over $18,000 in November. Nvidia’s market cap increased by more than 100% during the year, from around $150 billion to more than $350 billion. According to the financial report released by Nvidia in August 2020, the company had a record turnover of $3.87 billion in the second quarter of 2020, a 50% growth since 2019.
Bitcoin and Nvidia have strong links: the US company is facing some problems due to its crypto mining activities.
In May 2020, a class action lawsuit accused Nvidia of misrepresenting more than $1 billion in sales to diminish the company’s dependence on sales to crypto mining. In September 2020, Nvidia’s legal representatives stated that its investors are not entitled to access internal records relating to the 2017 and 2018 „crypto craze“.