Nvidia Corp. (NASDAQ:$NVDA) is a giant in the semiconductor sector. The company has been absolutely on fire in 2017, with shares surging 71% in the last 6 months. While most would think that the tech giant would be somewhat losing moment heading into the last quarter, the stock’s uptrend is showing no signs of slowing down, with a trade value at its 52-week high: $174.56 a share.
What’s Fueling the Momentum?
The rise of Bitcoin is the simple answer, as it’s at a new all-time high, trading above $4,7000. The company has now put the entire cryptocurrency market cap at a staggering $170 billion. Nvidia and competitor Advanced Micro Devices (NASDAQ:$AMD) hold the two largest equities of the Bitcoin and Ethereum boom. Why? They create the high-powered chips that fuel the Bitcoin sector.
Let’s Put Numbers Into Perspective:
- Apple Inc. (NASDAQ:$APPL) has a market cap of $846 billion
- Facebook Inc. (NASDAQ:$FB) has a market cap of $497 billion
- Bitcoin alone has a market cap around $70 billion
- Since Bitcoin is considered a form of money, the cryptocurrency still has to make ways to the U.S. Dollar
- However, the Federal Reverse valued the monetary base at around a cool $3.8 trillion
As if that’s still not enough. There’s another incoming massive wave for the cryptocurrency market: Blockchain. Blockchain is a decentralized public ledger that allows transactions to be made in Bitcoin. Analysts believe that Blockchain is the future of the currency, while Nvidia stock sees a moving average of $165.29 a share with increasing upside volume.
Whether you believe the hype behind Blockchain/Bitcoin or not, consider this: Burger King announced earlier this week that it was jumping into the cryptocurrency market by launching its own virtual coin called “WhopperCoin” in Russia.
Featured Image: twitter
