Amid the explosive growth of the cryptocurrency market, Bitcoin (BTC) is acquiring another major US company by market capitalization.

When the price of bitcoin briefly surpassed the $ 18,000 threshold on November 18, the market value of bitcoin surpassed $ 336 billion, surpassing the market value of Nvidia, one of the most popular graphics card manufacturers in the world.

According to Macro Trends, Nvidia shares closed at $ 330.7 billion on November 17. The stop comes after a significant drop from the $ 358.7 billion threshold recorded on November 2. According to CoinMarketCap, Bitcoin has a market cap of $ 336 billion at the time of publication.

A new milestone in Bitcoin’s market capitalization versus Nvidia happens between Bitcoin and Nvidia, and there is significant growth in 2020.

According to Cointelegraph, the price of bitcoin is up nearly 400% this year, from under $ 4,000 in January 2020 to over $ 18,000 in November. Nvidia’s market capitalization has increased more than 100% this year, from roughly $ 150 billion to over $ 350 billion. According to Nvidia’s financial results released in August 2020, the company generated record revenues of $ 3.87 billion in the second quarter of 2020, a 50% increase over 2019.

Bitcoin and Nvidia have close ties, with the latter providing one of the best graphics cards in the world for mining cryptocurrencies like Bitcoin. As mentioned earlier, Nvidia may face some challenges due to its cryptocurrency mining activities.

In May 2020, a class action lawsuit accused Nvidia of providing more than $ 1 billion in false sales to lessen the company’s dependence on sales to crypto workers. In September 2020, legal representatives of Nvidia stated that investors did not have access to their internal records of “cryptomania” in 2017 and 2018.

Source: CoinTelegraph

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