Bitcoin (BTC) held $65,000 during Nov. 8 as major gains seemed unfazed by Tesla (TSLA) stock losing five% at the Wall Street open.

BTC/USD i-hour candle chart (Bitstamp). Source: TradingView

Bitcoin beats Tesla by market place cap

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD down around $900 at $65,500 after hitting highs of $66,433 on Bitstamp.

Overnight success was tapered past the news that Tesla CEO Elon Musk would sell ten% of his Tesla holdings — worth around $23 billion — simply because Twitter users voted for him to practise and so.

TSLA 1-hour candle chart. Source: TradingView

Markets reacted cautiously, with TSLA initially opening at $i,150 afterwards endmost Nov. 5 at $1,221 before a small recovery ensued.

Aside from being ix months to the twenty-four hour period that Tesla purchased $one.5 billion of Bitcoin for its balance canvas, the move from Musk produced an unintended upshot — Bitcoin passed Tesla by market cap.

Company market place cap rankings as of November. 8. Source: Companiesmarketcap.com

"If the goal is diversification, an alternating strategy to consider is converting the TSLA balance sheet to a Bitcoin Standard and purchasing $25 billion in BTC," Michael Saylor, CEO of MicroStrategy, meanwhile responded to Musk'south decision.

"That would deliver diversification, inflation protection, & more upside for all investors in a tax efficient mode."

It remains unclear what Musk will practise with the gain of the stock auction, which he says volition exist his only taxable upshot as he receives no salary from Tesla.

Crypto market cap copies Ethereum all-time highs

Major altcoins, meanwhile, were dominated past new all-fourth dimension highs for Ether (ETH) while other tokens saw flat daily progress.

Related: 'Resistance is futile' — five things to sentinel in Bitcoin this calendar week

ETH/USD i-60 minutes candle nautical chart (Bitstamp). Source: TradingView

The largest altcoin by market cap hit $4,768 while other tokens saw flat daily progress, helping propel the overall crypto market place cap beyond $iii trillion for the outset fourth dimension.

By comparison, the cap in Nov last year was only $400 billion.

"$3 trillion is nonetheless non much compared to other markets," Cointelegraph contributor Michaël van de Poppe meanwhile argued.

"The existent acceleration of this bike is nevertheless ready to come."