Bitcoin’s market cap surpasses Tesla as ETF-fueled rally pushes it closer to $37,000

Bitcoin’s market cap has eclipsed that of Tesla, the electric car giant led by Elon Musk, fueled by its recent rally of nearly $37,000 in the early hours of November 9.

At the time of writing, BTC’s market cap is $717.23 billion, surpassing Tesla’s $706.06 billion by $11 billion, according to facts from BusinessMarketCap.

BTC has risen more than 4% in the past 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 capitalization, surpassing prominent entities such as pharmaceutical giant Eli Lilly and financial payments leader Visa.

Nevertheless, it still lags Warren Buffet’s Berkshire Hathaway by a few billion dollars, which currently ranks tenth in market capitalization.

BTC is eyeing $37k

According to Tradingview, Bitcoin’s value has increased by more than 120% over this year’s figures. facts. Over the past 24 hours, BTC’s price showed remarkable growth, rising to a new 18-month high near $37,000 before returning to the current level of $36,568.

As a result, crypto traders who shorted BTC lost more than $65 million during the reporting period, according to a previous study. CryptoSlate analysis.

ETF approval window

Meanwhile, BTC’s price performance reflects rising optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) product by the U.S. Securities and Exchange Commission (SEC).

CryptoSlate reported that the SEC will have an eight-day period starting November 9 to approve the numerous spot BTC ETF applications before it.

Bloomberg ETF analyst James Seyffart pointed out that the financial regulator has the first chance to let all 12 filers start since it failed to challenge its loss to crypto investment firm Grayscale. He added:

“This window for all 12 ends on 11/17. But theoretically, the SEC could make a decision on the first nine on this list from now until January 10, 2024.”