Nvidia’s market capitalization has grown a staggering 2,782% over the past five years, surpassing the growth of both Bitcoin and Ethereum. According to report According to data aggregator CoinGecko, from May 7, 2019 to June 28, 2024, Nvidia’s market capitalization increased from $105.42 billion to $3.039 trillion.
ETH’s market capitalization increased by 2,218%, from $18.16 billion to $421 billion over the same period. Bitcoin, which started from a higher base of $103.98 billion, saw its market capitalization increase by 1,102.2% to reach $1.250 trillion.
Of the Magnificent Seven stocks, only Nvidia outperformed both major 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).
Source: CoinGecko
Tesla came in second with a 1,340% gain, while other tech giants like Microsoft and Apple saw more modest growth of around 245%.
The total market capitalization of the Magnificent Seven, Bitcoin and ETH reached $17.44 trillion as of June 28, 2024, with the two cryptocurrencies accounting for 9.6% of this total value.
Source: CoinGecko
However, the report highlights the difference between Bitcoin and ETH growth after the US SEC approved the first Bitcoin spot exchange-traded fund (ETF) in January 2024.
“Bitcoin’s market cap increased from $838.38 billion to $1.25 trillion, representing 50% of the market cap growth. During the same period, ETH’s market cap increased from $281.14 billion to $421 billion, also representing 50% growth. This is not surprising, as Ethereum is getting its own ETF. However, Ethereum’s market cap is significantly smaller than Bitcoin’s, so one could expect better performance from it.”
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According to Crypto Briefing
