Nvidia has skilled a staggering 2,782.8% improve in market capitalization over the previous 5 years, surpassing the expansion of each Bitcoin and Ethereum. Based on a report by information aggregator CoinGecko, from Might 7, 2019, to June 28, 2024, Nvidia’s market cap surged from $105.42 billion to $3.039 trillion.
As compared, Ethereum’s market cap grew by 2,218.3%, rising from $18.16 billion to $421.00 billion throughout the identical interval. Bitcoin, ranging from the next baseline of $103.98 billion, noticed its market cap improve by 1,102.2% to succeed in $1.250 trillion.
Among the many Magnificent Seven shares, solely Nvidia outperformed each main crypto. Magnificent Seven is the identify of the group of public-listed corporations Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Amazon (AMZN), Nvidia (NVDA), and Tesla (TSLA).
Tesla got here in second with a 1,340.8% improve, whereas different tech giants like Microsoft and Apple noticed extra modest development of round 245%.
The mixed market cap of the Magnificent Seven, Bitcoin, and Ethereum reached $17.44 trillion by June 28, 2024, with the 2 crypto accounting for 9.6% of this whole.
Nevertheless, the report highlights the divergence between Bitcoin and Ethereum development after the SEC accepted the primary spot Bitcoin exchange-traded funds (ETF) in January 2024.
“Bitcoin market cap elevated from $838.38 billion to $1,250.00 billion, representing 50% market cap development. In the identical interval, Ethereum market cap elevated from $281.14 billion to $421.00 billion, additionally representing a 50% development. This isn’t stunning, on condition that Ethereum is ready to get its personal lineup of ETFs. Nevertheless, Ethereum’s market is considerably smaller than Bitcoin’s, so one might need anticipated higher efficiency from it.”
