The platform for displaying cryptocurrency exchange rates CoinMarketCap placed the Tesla Model 3 car on the first line of its rating. Thus, Bitcoin formally occupies the second place, although it still remains the digital asset with the largest capitalization and popularity in the world.
The idea to put the most popular electric car on a pedestal obviously arose after Tesla announced an investment of $ 1.5 billion in Bitcoin. Thus, the management of the platform wanted to celebrate this event and tell its users about it.
To begin with, an explanation. CoinMarketCap is a platform that displays cryptocurrency exchange rates, a graph of their changes and other indicators by the type of trading volumes, the number of coins in circulation, and so on. The vast majority of cryptocurrency lovers use such platforms to monitor the value of assets, that is, they are very popular.
One of the most famous competitors of CoinMarketCap is the CoinGecko platform. Many users started switching to it after CMC was bought out by the Binance exchange. The transaction amount was $ 400 million, and you can read more about it in a separate material.
Where to watch cryptocurrency exchange rates
As shown in the screenshot below, the» token » Model 3 is sold for $ 37,990, which is the actual price of the car. The market capitalization is equal to $ 24 billion, and the offer is 902,895 coins.
Naturally, the digital version of the car simply does not exist. The Tesla token is placed in the category of «untraceable listings on the exchange». In other words, this is an asset that cannot be found on the trading platform, but it reflects the main mood of the community and the progress of the adoption of cryptocurrencies, according to Decrypt.
The recent investment of $ 1.5 billion in BTC from Tesla led to a sharp jump in the price of the cryptocurrency: Bitcoin has set a new historical maximum and continues to do so until now. Usually, such a movement on the asset chart is regarded as extremely positive, that is, most market players expect the price of Bitcoin and other cryptocurrencies to continue growing in the medium term. Yet now coins are definitely not a «speculative tool», as critics like to call them. Now it is a full-fledged means of investment, which is also joined by the richest person in the world.
For clarity, we present a graph of Bitcoin for the last 90 days, which shows the incredible rate of price change.
Thanks to its decision, Tesla has joined the list of large organizations that have officially placed part of their capital in a digital asset. At the same time, the company immediately took the second place in terms of the volume of cryptocurrency in management. The first place is still occupied by an analytical giant called MicroStrategy, which began investing in Bitcoin since the end of last summer.
Recall that last time in the first place of CoinMarketCap was the WallStreetBets token – a non-existent digital asset named after the eponymous community of traders with Reddit. A couple of weeks ago, WallStreetBets made a lot of noise, provoking an organized growth in the shares of GameStop.
They showed that even strangers from the Internet can create a lot of problems for Wall Street giants, who, among other things, actively earn on the collapses of shares of other companies. Thus, traders have essentially returned power to the people – which echoes the mission of cryptocurrencies, which eliminate the need for banks and other intermediate instances.
Tesla’s investment in Bitcoin is just the beginning of the cryptocurrency adoption process among large companies and other organizations. The growth stage of the market is not going to stop, so it is not too late to contact the cryptocurrency yet. In addition, analysts predict that the next jumps of the industry will be much larger than it was in 2017.
Yet now top global companies are openly investing in Bitcoin, but projects from the niche of decentralized finance are really ready to change the world. This is seriously different from the ICO era four years ago, many of which existed only on paper.
We believe that the idea of the CoinMarketCap management to celebrate Tesla’s investment in cryptocurrencies is really successful. This event can become a turning point for the entire industry, which will now surely be able to gain global popularity.