Bitcoin’s market cap surpasses Nvidia at over $336B

Published at: Nov. 18, 2020

Amid a meteoric bull run in the cryptocurrency market, Bitcoin (BTC) is overtaking another major American company in terms of market capitalization.

As the Bitcoin price briefly crossed the $18,000 threshold on Nov. 18, Bitcoin’s market cap surged above $336 billion, outstripping the market cap of Nvidia — one of the world’s most well-known manufacturers of graphics cards.

On Nov. 17, Nvidia’s shares closed at $330.7 billion, according to data from Macro Trends. The close follows a significant decline from a $358.7 billion threshold recorded on Nov. 2. At publishing time, Bitcoin’s market cap accounts for $336 billion, according to data from CoinMarketCap.

Bitcoin’s new market cap milestone against Nvidia comes amid both Bitcoin and Nvidia seeing major growth in 2020.

As reported by Cointelegraph, Bitcoin has surged by nearly 400% this year, skyrocketing from below $4,000 in January 2020 to over $18,000 in November. Nvidia’s market cap surged more than 100% this year, up from around $150 billion to over $350 billion. According to Nvidia’s financial results released in August 2020, the company saw record revenue of $3.87 billion in the second quarter of 2020, up 50% from 2019.

Bitcoin and Nvidia have some close ties, as the latter is providing one of the world’s best-performing GPU cards for mining cryptocurrencies like Bitcoin. As previously reported, Nvidia might be facing some issues due to its crypto mining-related activity.

In May 2020, a class action accused Nvidia of misrepresenting over $1 billion in sales to downplay the firm’s reliance on sales to crypto miners. In September 2020, Nvidia’s legal representatives argued that its investors are not entitled to access its internal records about the “crypto craze” of 2017 and 2018.

Tags
Bitcoin
United States
Cryptocurrencies
Mining
Nvidia
Gpu
Market Capitalization News
Related Posts
Nvidia Pulls Through Crypto Winter — Quarterly Earnings Rise 16%
Major global chipmaker Nvidia, popular with cryptocurrency miners, has outstripped analysts’ expectations with its latest set of quarterly financials. The firm’s Second Quarter Fiscal 2020, published on Aug. 16, revealed $2.58 billion in revenue at earnings of $1.24 per share — as compared with $2.2 billion in the preceding quarter. Still 17% down from crypto-driven highs While the latest results reveal a solid 16% increase over the previous quarter, year-on-year revenue remains down by 17%. Nvidia had earned $3.12 billion during the same period for the fiscal year 2019 amid massive demand for GPUs from cryptocurrency miners. The firm’s outlook …
Bitcoin / Aug. 16, 2019
Nvidia Q3 Results Reveal ‘Crypto Hangover’ Due to Disappearance of Miner Sales
Nvidia released its earnings report for the third quarter (Q3) of 2018 today, Nov. 15, revealing that demand for Nvidia’s graphics processing units (GPUs) among crypto miners has dried up. In the financial results report, founder and CEO of Nvidia Jensen Huang said that the company’s “near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected.” Put differently, the cryptocurrency frenzy drove up prices for Nvidia’s gaming cards, but once that demand disappeared, prices did not decrease quickly enough to attract customers who were waiting for more affordable cards. Huang told Reuters: “The crypto hangover lasted …
Bitcoin / Nov. 16, 2018
Bear Market and Declining Hashrates Mean Mining ETH No Longer Profitable, Analysis Finds
Mining Ethereum (ETH) using a graphics processing unit (GPU) is no longer profitable, according to an analysis from U.S.-based global trading and technology firm Susquehanna. CNBC reported Nov. 13 on Susquehanna’s findings, which point to the protracted slump in crypto markets and declining network hashrates as reasons for the profit decrease. In Susquehanna’s analysis, profit per month for ETH miners using GPU-based setups hit a round $0 as of Nov. 1 this year, down from almost $150 in July 2017. Susquehanna notes the decline in Ethereum’s price as a major factor, with the altcoin currently trading at $204, down almost …
United States / Nov. 14, 2018
Report: Analyst Finds Nvidia Earned $1.35 Billion More in Total Crypto Revenue Than Stated
This story has been updated with Nvidia’s decline to comment. Taiwan-based computer hardware producer Nvidia reportedly earned nearly $1.35 billion more due to crypto and blockchain than it had stated. The numbers were calculated by RBC Capital Markets analyst Mitch Steves, financial news website Market Insider reports on Jan. 31. Steves reportedly said in a note released on Jan. 30 that that according to his calculations, Nvidia generated about $1.95 billion in total revenue related to cryptocurrency and blockchain, noting that the official company’s statement said that it generated around $602 million over the same time period. His calculations reportedly …
Bitcoin / Feb. 3, 2019
Nvidia Faces Class Action Lawsuit Over Losses After Diminished Mining GPU Demand
Graphics processing unit (GPU) producer Nvidia is facing a class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners. Schall law firm announced the lawsuit on Dec. 24. The complaint states that “the Company made false and misleading statements to the market.” Namely, according to the announcement, Nvidia “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary.” Schall states that the GPU producer also declared: “Any drop off in demand for its GPUs amongst cryptocurrency miners would not negatively impact the Company’s …
Bitcoin / Dec. 29, 2018