Bitcoin surpasses $18,000 threshold

18 Nov 2020

As the price of Bitcoin crossed the $18,000 mark on Wednesday, its market cap rose above $336 billion.

This surpasses the market cap of U.S. graphics cards manufacturer, Nvidia.

On Tuesday, Macros Trends data showed Nvidia’s shares closed at $330.7 billion. At the time of writing, Bitcoin’s market cap surged to $336 billion, according to data from CoinMarketCap.

As previously reported by Cointelegraph, Bitcoin – the world’s largest cryptocurrency by market cap - skyrocketed nearly 400% in 2020, from under $4,000 in January this year to over $18,000 in November.

In addition, Nvidia’s market cap rose over 100% this year, up from approximately $150 billion to over $350 billion.

As per the firm’s financial results published in August, Nvidia reported record revenue of $3.87 billion in Q2, up 50% from last year.

Both Bitcoin and Nvidia are closely linked, as the latter provides one of the best-performing GPU cards in the world for mining digital currencies such as Bitcoin.

Moreover, as Bitcoin reached record highs, a survey by deVere Group revealed nearly three-quarters of high net worth individuals will be invested in cryptocurrencies before the end of 2022.

The poll revealed that 73% of respondents are now already invested in or will make investments in digital currencies, such as Bitcoin, Ethereum and XRP, before the end of 2022.

deVere CEO and founder, Nigel Green said of the poll results: “The price of Bitcoin is up 125% year-to-date, making it once again one of the best-performing assets of the year.
 
“As the survey shows, this impressive performance is drawing the attention of wealthy investors who increasingly understand that digital currencies are the future of money and they don’t want to be left in the past.”