Bitcoin’s market capitalization has eclipsed that of Tesla, the electric car giant led by Elon Musk, fueled by its recent rally near $37,000 during the early hours of Nov. 9.
As of press time, BTC’s market cap stands at $717.23 billion, surpassing Tesla’s $706.06 billion by $11 billion, according to data from CompaniesMarketCap.
BTC increased by more than 4% during the last 24 hours, adding $28 billion to its market cap.
This achievement elevates Bitcoin to the 11th spot among the world’s largest assets by market cap, surpassing prominent entities such as pharmaceutical giant Eli Lilly and financial payment leader Visa.
Nevertheless, it still lags a few billion dollars behind Warren Buffet’s Berkshire Hathaway, which currently ranks as the 10th largest company by market capitalization.
BTC eyes $37k
Bitcoin’s value has grown by more than 120% on the year-to-date metrics, according to Tradingview data. During the last 24 hours, BTC’s price recorded notable growth, rallying to a fresh 18-month high near $37,000 before retracing to its current levels of $36,568.
As a result, crypto traders who held short positions in BTC lost more than $65 million during the reporting period, according to a previous CryptoSlate analysis.
ETF approval window
Meanwhile, BTC’s price performance mirrors the increasing optimism around the possible approval of a spot Bitcoin exchange-traded fund (ETF) product by the U.S. Securities and Exchange Commission (SEC).
CryptoSlate reported that the SEC has an 8-day window opening starting Nov. 9 to approve the numerous spot BTC ETF applications before it.
Bloomberg ETF analyst James Seyffart pointed out that the financial regulator has its first opportunity to allow all 12 filers to launch for the first time since it failed to contest its loss against crypto investment firm Grayscale. He added:
“This window for all 12 ends by 11/17. But theoretically, SEC could make a decision on the first 9 on this list at any point from now until Jan 10, 2024.”