Nvidia has experienced a staggering 2,782.8% increase in market capitalization over the past five years, surpassing the growth of both Bitcoin and Ethereum. According to a report by data aggregator CoinGecko, from May 7, 2019, to June 28, 2024, Nvidia’s market cap surged from $105.42 billion to $3.039 trillion.
In comparison, Ethereum’s market cap grew by 2,218.3%, rising from $18.16 billion to $421.00 billion during the same period. Bitcoin, starting from a higher baseline of $103.98 billion, saw its market cap increase by 1,102.2% to reach $1.250 trillion.
Among the Magnificent Seven stocks, only Nvidia outperformed both major crypto. Magnificent Seven is the name of the group of public-listed companies Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Amazon (AMZN), Nvidia (NVDA), and Tesla (TSLA).
Tesla came in second with a 1,340.8% increase, while other tech giants like Microsoft and Apple saw more modest growth of around 245%.
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The combined market cap of the Magnificent Seven, Bitcoin, and Ethereum reached $17.44 trillion by June 28, 2024, with the two crypto accounting for 9.6% of this total.
However, the report highlights the divergence between Bitcoin and Ethereum growth after the SEC approved the first spot Bitcoin exchange-traded funds (ETF) in January 2024.
“Bitcoin market cap increased from $838.38 billion to $1,250.00 billion, representing 50% market cap growth. In the same period, Ethereum market cap increased from $281.14 billion to $421.00 billion, also representing a 50% growth. This is not surprising, given that Ethereum is set to get its own lineup of ETFs. However, Ethereum’s market is significantly smaller than Bitcoin’s, so one might have expected better performance from it.”
