Bitcoin (BTC) returned to $40,000 on January. 8 every bit another price consolidation period ended characteristically briefly.

Cryptocurrency market overview. Source: Coin360

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD quickly rise to recapture the psychologically meaning price level during trading on Friday.

Later a 9% fall post-obit runs to all-fourth dimension highs the mean solar day before, Bitcoin managed to stay lower but for a matter of hours before bullish momentum returned. Thereafter, the largest cryptocurrency not simply matched its all-time highs but delivered a new one: $forty,087.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

"Seems we only dump to shake out the weak easily these days," a popular social media trader summarized on the day.

Big player market caps topple to BTC

Bitcoin also beat out the market cap of Chinese behemothic Tencent and briefly passed "darling" tech house Tesla as information technology rose to $41,000 per coin.

Data from CoinMarketCap and Companies Market Cap confirmed that on Jan. 7, Bitcoin nigh entered the peak 5 companies by market place cap.

Peak companies by market cap as of Jan. 8, 2021. Source: Companies Market Cap.

As BTC/USD crossed the $40,000 marking, Bitcoin's market cap grew to unprecedented levels, topping out at $745 billion. A day subsequently, following a correction, the figure retreated to $737 billion earlier regaining its before record.

At the same time, Tesla delivered a swift vii.three% daily gain, allowing it to outpace Bitcoin in one case over again after losing its marketplace cap prowess to the cryptocurrency for a brusk period. On Friday, the company was at $773 billion as Bitcoin again sailed through $twoscore,000.

Tencent stock (orange) vs. BTC/USD nautical chart. Source: TradingView

A more decisive victory came over Chinese tech behemothic Tencent, however, which at $716 billion firmly bowed to Bitcoin's momentum. Previously, Tencent was likewise worth more Tesla.

As Cointelegraph reported, Tesla had too outperformed against stocks and cryptocurrency in 2020, chirapsia even Bitcoin's performance versus its March lows. A wait at Tencent's stock growth meanwhile underscores the slow pace of gains that characterized other stocks compared with cryptocurrency.

"At that place are still companies in the world that are worth more than #Bitcoin. Crazy," Tyler Winklevoss, co-founder of Gemini exchange, commented on the phenomenon.