Bitcoin
Nvidia rises 2,782% in five years, outperforming Bitcoin and Ethereum
Main conclusions
- Nvidia’s market cap has grown by 2,782.8% in five years, surpassing Bitcoin and Ethereum
- The combined market cap of the Magnificent Seven, Bitcoin, and Ethereum reached $17.44 trillion in June 2024
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Nvidia has seen a staggering 2,782.8% increase in market cap over the past five years, outpacing the growth of Bitcoin and Ethereum. According to a report According to data aggregator CoinGecko, from May 7, 2019, to June 28, 2024, Nvidia’s market cap rose from $105.42 billion to $3.039 trillion.
In comparison, Ethereum’s market cap grew by 2,218.3%, rising from $18.16 billion to $421.00 billion during the same period. Bitcoin, starting from a higher baseline of $103.98 billion, saw its market cap increase by 1,102.2% to reach $1.250 trillion.
Among the Magnificent Seven stocks, only Nvidia outperformed the top two cryptocurrencies. The Magnificent Seven is the group of publicly traded companies Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Amazon (AMZN), Nvidia (NVDA) and Tesla (TSLA).
Tesla came in second with a 1,340.8% increase, while other tech giants like Microsoft and Apple saw more modest growth, around 245%.
The combined market capitalization of the Magnificent Seven, Bitcoin, and Ethereum reached $17.44 trillion on June 28, 2024, with the two cryptocurrencies accounting for 9.6% of that total.
However, the report highlights the divergence between Bitcoin and Ethereum’s growth after the SEC approved the first Bitcoin exchange-traded funds (ETF) in January 2024.
“Bitcoin’s market cap increased from $838.38 billion to $1,250.00 billion, representing a 50% growth in market cap. In the same period, Ethereum’s market cap increased from $281.14 billion to $421.00 billion, also representing a 50% growth. This is not surprising given that Ethereum is poised to get its own ETF lineup. However, Ethereum’s market cap is significantly smaller than Bitcoin’s, so one would expect it to outperform.”
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