The Bitcoin network is now the ninth most valuable asset globally, overtaking Tesla–the world’s leading electric automotive company, new statistics on Feb 9 reveal.
BTC/USD Rise Above $48k, Flips Tesla’s Valuation
As of writing, the BTC/USD price was trading above $45k after momentarily surging to over $48k in the early Asian session.
The Bitcoin network is valued at over $851 billion at spot rates, ahead of Tesla, which has a market cap of $818 billion from a revenue of $20 billion posted by September 2020.
Ironically, the flipping is because of Tesla’s $1.5 billion investment in digital gold.
According to a BTCManager report on Feb 8, the decision to channel the huge sums of money got the Audit Committee’s nod.
Their 10-k filing revealed that the company, spearheaded by innovation, will be holding digital assets from time to time.
Additionally, they expect to support BTC in the coming days because the coin is relatively liquid.
The “Elon Effect”
Elon Musk, the founder of Tesla, had been toying with the crypto community before Feb 8’s announcement.
His decision to add Bitcoin as part of his Twitter profile description was enough to send the coin above $36k last week.
Following yesterday’s revelation, the coin lifted off, breaking above two crucial resistance levels to register a new all-time high just below $50k.
At the same time, there was a sharp spike in the number of new active addresses.
According to on-chain data, there are now 1.25 million Bitcoin active addresses that they combined to transact over $95 billion worth of value.
Amid the surge in retail and institutional interest, the number of large transactions (those above $100k) drove volumes to over $93 billion.
Meanwhile, on the trading front, there were more than $118 billion of perpetual volumes.
The Elon effect#Bitcoin price rises by 18.54% over the last 24-hours
Yesterday, along with the price action, Bitcoin recorded:
– 1.25m active addresses
– $95.83b transacted on-chain
– Record volume in large transactions (>$100k) of $93.59b
– $118.96b in Perpetual Swaps volume pic.twitter.com/2OdsaaIBcx
— IntoTheBlock (@intotheblock) February 9, 2021
Will Tesla Rejuvenate the Lightning Network?
While observers insist that it was a matter of “when” for Bitcoin, proponents expect more in the future. Their decision to accept Bitcoin could help drive up sales.
From Bitcoin’s development front, it could help rejuvenate the Lightning Network adoption.
The off-chain solutions enabling fast and immediate BTC payment has tapered off in recent days.