Cryptocurrency markets hit a milestone shortly after Elon Musk’s subsidiary Tesla announced their investment in Bitcoin (BTC).
For the first time in history, the cryptocurrency market surpassed Alphabet’s GOOG and GOOGL by market cap.
On February 10, the total cryptocurrency market cap reached $ 1.413 trillion, beating the market cap levels of Google’s Class A and C stocks. At the time of writing, GOOGL and GOOG’s market cap is $ 1.39 trillion and $ 1.404 trillion, respectively.
Cryptocurrency market cap has gained momentum amid a continuous rally of cryptocurrencies this year, breaking the trillion dollar mark in early January.
The total cryptocurrency market cap previously surpassed Tesla’s market cap, which is around $ 815 billion at the time of writing. Shortly after the cryptocurrency markets broke Tesla’s market cap, the company made a huge announcement on February 8th, reporting a $ 1.5 billion investment in Bitcoin to the US Securities and Exchange Commission.
The recent Crypto injection puts the market now behind Amazon, Microsoft and Apple in terms of market value.
Before reaching the cryptocurrency market record, Bitcoin and Ether (ETH) hit all-time highs above $ 48,000 and $ 1,800, respectively.
After Tesla’s official move to investing in Bitcoin, some in the industry have speculated that Apple may be the next institutional player to adopt the crypto asset.