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Cryptocurrencies combined are now worth more than Apple, the world's most valuable company

Bitcoin is now worth more than Tesla and Facebook.
Bitcoin is now worth more than Tesla and Facebook.   -   Copyright  Karen Bleier/AFP
By David Walsh

The cryptocurrency market is now worth more than the world's most valuable company.

It comes after record-breaking price climbs for three of the largest cryptocurrencies on Tuesday, just a day before the initial public offering (IPO) of one of the world's largest cryptocurrency exchange platforms, Coinbase.

The combined value of cryptos now stands at over $2.2 trillion (€1.8 trillion), outstripping US tech giant Apple by more than $10 billion (€8.4 billion) as of Wednesday morning.

The value of one Bitcoin exceeded $64,000 (€53,500) on Tuesday, bringing its total worth to more than $1.2 trillion (€1 trillion).

The recent gains for the world's first cryptocurrency mean that it is now worth more than the combined market cap of payment giants Mastercard, Visa and PayPal.

Bitcoin also ranks higher in value than electric carmaker Tesla and social media giant Facebook.

The value of Bitcoin has soared by more than 1,000 per cent in the last year alone, helped in part by announcements by companies like PayPal which now allows customers to use it for transactions on its network.

Ethereum and Dogecoin also rose in value on Tuesday, rallying to $2,350 (€1,965) for one Ethereum, and $0.13 (€0.11) for one Dogecoin.

Wall Street is now at a turning point as traditional investors are turning to cryptocurrencies in droves, with companies like JP Morgan creating their own digital tokens for payments.

Using blockchain technology, JP Morgan unveiled JMP Coin in February to allow its clients to transfer US dollars to other JP Morgan clients.

Concerns over the volatility of cryptocurrencies have not gone away, however. While the value of Bitcoin has grown in recent years, it has been subject to sharp declines.

The value of the crypto plunged from nearly $20,000 (€16,700) in December 2017 to $4,000 (€3,346) the following year.