Bitcoin’s Market Cap Surpassed by Tencent

Bitcoin’s market cap now stands at $379.39 billion, down 7.52% in the past seven days and overtaken by Chinese tech giant Tencent, as its price continues to fall, according to 8MarketCap. Tencent is now worth about $401.96 billion, up 5.61% during the past seven days.

Bitcoin is a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world. It runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Bitcoin remains the world’s largest and most popular cryptocurrency. At one point last year, it had a market cap of well over $1 trillion. However, it has not been immune to market weaknesses lately.

It’s not just Bitcoin that’s been feeling downward pressure. Ethereum has also experienced a tremendous decline. Its market cap dropped by 9.5% in the past seven days to $177.11 billion.

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Bitcoin lost 2.2% in the last 24 hours to trade at $19,615 at 8 a.m. in Hong Kong, while Ethereum slid 4% to $1,430, according to data from CoinMarketCap.