BTC market capitalization catch up Tesla

Oct 30, 2023
The expectation of regulatory approval of the spot listing of exchange-traded funds Bitcoin ETF caused the growth of the largest cryptocurrency by almost 20% over the past week.

Bitcoin price has grown amid a decline in technology companies’ shares and an increase in the profits of a number of giants such as Amazon, Google and Facebook. The Nasdaq Composite index has fallen by more than 10% over the past week.

Recall that in the past Bitcoin has demonstrated a strong correlation with the US stock markets. To date, the largest cryptocurrency has shown more than 100% growth since the beginning of the year and the activity of options has reached a historical maximum.

The market capitalization of Bitcoin is now approximately equal to the market capitalization of Elon Musk’s Tesla (TESLA) and also exceeds the capitalization of the pharmaceutical giant Eli Lilly.

At the same time, traders are wary of the continued rise in Bitcoin prices and are waiting for the Fed meeting, which is scheduled for Tuesday or Wednesday this week.