Here’s a potential reason why Bitcoin price surpassed Tesla and Meta Facebook in valuation

By Selena On Nov 8, 2021

After the rally to $66,000, as AZCoin News reported, Bitcoin’s total market cap surpassed Elon Musk’s Tesla and moved closer to Silver. The cause could be due to a significant drop in traders’ sentiment, according to Santiment. At the time of writing, Bitcoin price is changing hands at $65,865.

BTC/USD 4-hour chart | Source: TradingView

A potential reason for Bitcoin price rising Above $66,000

According to Santiment, while Bitcoin moved without solid buying in the $63,000-$58,000 range, traders began to lose their optimism. And it was this that helped BTC rise. There is an inverse correlation between Bitcoin price and overall trader sentiment. A strong rally often follows the solid bearish sentiment shortly after that.

Source: Santiment

Currently, Bitcoin traders’ sentiment hit a September low just before its price rallied back above $65,000. Bitcoin’s trading volume does not appear to have broken any local records at press time, which suggests that retail traders are not interested in selling or buying right now. At press time, Bitcoin hit a previous October 20 high of $66,283 and is currently trading with a 4.5% profit but has failed to break above the last top resistance.

Bitcoin market capitalization has surpassed Elon Musk’s Tesla and is close to the silver that remains the seventh place with $1.3 trillion. With Bitcoin hitting its previous ATH again, its market cap hits $1.46 trillion, enough to overtake Tesla and grow more than Meta (formerly Facebook).

Source: Companies Marketcap

Total crypto market capitalization has also hit a new ATH of $3 trillion, putting it above giants like Microsoft and Apple. They currently hold the 2nd and 3rd positions on the top of assets ranked by market capitalization. Gold’s current No. 1 holder has no real competition with a $9 trillion lead. To reach first place, the crypto market cap would have to quadruple.

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