Nvidia soars 2,782% in five years, eclipsing Bitcoin and Ethereum

Nvidia has seen a staggering 2,782.8% increase in market cap over the past five years, outpacing the growth of bitcoin and ethereum. According to a btc–eth-vs-magnificent-seven” rel=”noopener nofollow noreferrer”>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.

In comparison, ethereum’s market cap grew by 2,218.3% from $18.16 billion to $421 billion over the same period. bitcoin, starting from a higher base of $103.98 billion, saw its market cap increase by 1,102.2% to $1.25 trillion.

Among the Magnificent Seven stocks, only Nvidia outperformed the top two cryptocurrencies. The Magnificent Seven is the name of the group of publicly traded companies Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), amazon (AMZN), Nvidia (NVDA) and Tesla (TSLA).

Tesla came in second with an increase of 1,340.8%, while other tech giants such as Microsoft and Apple saw more modest growth of around 245%.

The combined market capitalization of the Magnificent Seven, bitcoin and ethereum reached $17.44 trillion on June 28, 2024, with the two cryptocurrencies accounting for 9.6% of this total.

However, the report highlights the divergence between bitcoin and ethereum growth after the SEC approved the first bitcoin exchange-traded funds (ETFs) in January 2024.

“bitcoin's market capitalization increased from $838.38 billion to $1,250.00 billion, representing a 50% growth in market capitalization. In the same period, ethereum's market capitalization increased from $281.14 billion to $421.00 billion, also representing a growth of 50%. This is not surprising, given that ethereum is set to get its own line of ETFs. However, the ethereum market is significantly smaller than bitcoin, so one might have expected better performance from the latter.”