California-based chipmaker Nvidia (Nasdaq: NVDA) made history on Wednesday by becoming the first company to ever hit $4 trillion in market cap. Nvidia stock rose 1.75% and was trading at roughly $163 at the time of writing. The market cap eventually subsided and fell just below the $4 trillion mark in the afternoon, but the company had already etched its name in the history books. Nvidia is now almost twice the size of bitcoin ( BTC) which saw a modest 0.43% bump in price on the same day and has a current market cap of about $2.17 trillion.
(Nvidia is now the most valuable company on earth / companiesmarketcap.com)
Tailwinds from the burgeoning AI industry quickly turned Nvidia into the most valuable public company on earth after OpenAI launched ChatGPT in November 2022. Large Language Models (LLM) like the ones behind ChatGPT rely on powerful computer chips called graphics processing units (GPUs). They were originally designed for rendering three-dimensional graphics, but their parallel computing power made them perfect for training LLMs.
Nvidia launched its revolutionary H100 GPU in March 2023 shortly after ChatGPT started making waves. Just two months later, at the end of May, Nvidia had crossed $1 trillion in market cap and was worth double that figure a year later. Last month, the company had reached $3 trillion in value, and today, history was made when it briefly hit $4 trillion in market capitalization, becoming the most valuable company ever. Bitcoin is not a public company but it is a public network, and even though Nvidia is almost twice the value of the dominant cryptocurrency, BTC is projected to double by the end of the year, which means it could quickly eclipse Nvidia in a matter of months.
Bitcoin’s price traded between $108,357.68 and $109,765.70 over the past 24 hours and was around $ $109,508.94 at the time of reporting. The current price reflects an uptick of approximately 0.43%, but the weekly price increase was largely flat, according to Coinmarketcap.
( BTC price / Trading View)
Trading volume since yesterday dropped slightly by 0.90% to $45.06 billion. Bitcoin’s market capitalization rose by 0.4% to $2.17 trillion and BTC dominance tumbled 0.58% to 64.70%.
( BTC dominance / Trading View)
The total value of open BTC futures contracts bumped up to $75.52 billion, a 1.56% increase over the past day. Liquidations came in at $29.86 million in total over 24 hours. Bears with short positions had $22.04 wiped out in margin calls while bulls had $7.82 million in liquidations.
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