Source : Dado Ruvic/Illustration/Reuters
As cryptocurrencies see a resurgence in these weeks, their total market-cap has now topped Apple’s. While Cupertino supported company’s market cap stood at $2.33 trillion, recent Bitcoin rally has taken cryptocurrency market cap up-to $2.37 trillion, Independent reported.
After facing crack-downs in China, cryptocurrencies like Bitcoin, found safe havens in countries such as El Salvador, Cuba & Paraguay. While real world effects of these rollouts are remains not known, it’s still a relief for crypto-coin enthusiasts such as Twitter CEO Jack Dorsey, whose businesses are preparing for a cryptocurrency revolution.
The recent surge in cryptocurrency values is even in line with predictions made-by industry experts, Independent reported. Earlier this year, as cryptocurrency market crashed into crackdowns, experts were confident that blockchain technology-powered digital currencies could rally back to new every time highs before the turn of time. At the time of writing this, Bitcoin is worth about US $57,669, not very distant from record breaking $64,000 worth earlier this year.
All other cryptocurrencies like Ethereum, Binance Coin, Ripple have seen between 4-6 percent increases in the past 24 hours. However, this all could crumble easily and we’ve seen it many times in the past. Bitcoin tumbled also on first day El Salvador made it country’s official currency.
Interestingly, recent rally is even helping major-companies radically improve their financial positions. As reported by the Coin Telegraph, a Canada supported crypto mining firm saw its fortunes increase by 600% when its $39.3 million Bitcoin approach $250 million.
The Jack Dorsey’s payment service, Square, even saw its Bitcoin double from $220 million to $442 million, but greatest noteworthy of them all is Tesla. The company reportedly made $128 million from Bitcoin sales in Q2. However, company’s Bitcoin wallet that was worth about $1.5 billion earlier this year, has now approached $2.5 billion. That’s a net $1 billion increase in value, which incidentally happens to be the equivalent amount of profits company has made after selling more than 200,000 in Q2.
It’s difficult to predict what the future holds for cryptocurrencies’ market cap. But while, Dorseys & Musks of the world continue to acquire them, it is important to provide these figures some credit.
