In the rapid progress of Bitcoin into a bull market, the market value of Bitcoin (BTC) has surpassed that of another major American company.
As the price of Bitcoin briefly exceeded $18,000 on November 18, the market value of Bitcoin soared to more than $336 billion, surpassing the market value of Nvidia. Nvidia is one of the most famous graphics card manufacturers in the world.
According to data from Macro Trends, on November 17, according to Nvidia’s stock closing price, its market value was 330.7 billion US dollars. According to CoinMarketCap’s data, the market value calculated based on the closing price has fallen sharply from the 358.7 billion US dollars set on November 2. At the time this data was released, the market value of Bitcoin reached $336 billion.
Both Bitcoin and Nvidia have achieved substantial growth in 2020, and Bitcoin’s market value surpassed Nvidia and achieved a new market value milestone.
According to Cointelegraph, the price of Bitcoin has soared nearly 400% this year, from below $4,000 in January 2020 to over $18,000 in November. Nvidia’s market value has soared by more than 100% this year, from approximately US$150 billion to more than US$350 billion. According to Nvidia’s financial results released in August 2020, the company’s revenue in the second quarter of 2020 reached a record US$3.87 billion, an increase of 50% over 2019.
Bitcoin and Nvidia are closely related. Nvidia provides one of the world’s best GPU cards for cryptocurrency mining such as Bitcoin. As previously reported, Nvidia may be facing some problems due to activities related to crypto mining.
In May 2020, a class action lawsuit accused Nvidia of distorting the fact that sales exceeded $1 billion in order to downplay the company’s reliance on crypto miners for sales. In September 2020, Nvidia’s legal representative argued that its investors did not have the right to access its internal records on the “crypto boom” in 2017 and 2018.
