Bitcoin (BTC) returned to the $ 40,000 mark on January 8, when another period of price consolidation ended, which was remarkably short.

Data from the Cointelegraph, Coin360 and TradingView markets showed that BTC / USD was rapidly gathering to regain a psychologically meaningful price level during Friday’s trading.

After falling 9% after reaching regular highs the previous day, Bitcoin managed to hold a few hours before the bullish momentum returned. Then the largest cryptocurrency not only reached its peak, but also brought in a new one: $ 40,087.

“It seems that these days we stop smoking just to get rid of weak hands,” summed up one of the famous traders on social networks today.

The markets with big players are switching to BTC
Bitcoin also exceeded the market value of the Chinese giant, Tencent, and overtook the “expensive” technology company Tesla when it rose to $ 41,000 per coin.

Data from CoinMarketCap and corporate market capitalization confirmed that Bitcoin has roughly entered the top five after the January 7th market cap.

Managers by market value as of January 8, 2021 Source: Market capitalization of companies.
When BTC / USD crossed $ 40,000, Bitcoin’s market value soared to unprecedented levels, peaking at $ 745 billion. A day later, after a correction, the number dropped to $ 737 billion before returning to the previous record.

At the same time, Tesla posted a rapid daily gain of 7.3%, being able to overtake Bitcoin again after a short-term loss in the market value of cryptocurrencies. The company was valued at $ 773 billion on Friday when Bitcoin slumped again to $ 40,000.

However, a more decisive victory was achieved over the Chinese tech giant Tencent, which held on to the bitcoin rate of $ 716 billion. In the past, Tencent was also valued more than Tesla.

Tesla also outperformed stocks and cryptocurrencies in 2020, as reported by Cointelegraph, and has even outperformed Bitcoin since its lowest level in March. Meanwhile, a look at the increase in Tencent stocks highlights the slow growth observed in other stocks compared to cryptocurrencies.

There are still companies in the world whose value exceeds #Bitcoin. Crazy, ”commented Tyler Winklevoss, co-founder of Gemini exchange.

Source: CoinTelegraph