The past five years have witnessed a dramatic shift in the global financial landscape, with both traditional tech giants and emerging digital assets experiencing unprecedented growth. This article explores the market capitalization trends of Bitcoin (BTC), Ethereum (ETH), and the so-called "Magnificent Seven" U.S. tech stocks—Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Amazon (AMZN), NVIDIA (NVDA), and Tesla (TSLA)—from 2019 to 2024. By analyzing their performance, we uncover key insights into investor sentiment, technological adoption, and the evolving balance between legacy equities and decentralized digital assets.
The Rise of the Magnificent Seven
The term Magnificent Seven was coined in April 2023 by Bank of America analyst Michael Hartnett to describe a group of dominant U.S. technology companies that have driven the majority of stock market gains in recent years. These firms have achieved outsized success through innovation, aggressive expansion, and strategic acquisitions, consolidating their influence across cloud computing, artificial intelligence, social media, e-commerce, and consumer electronics.
As of mid-2024, the Magnificent Seven collectively account for approximately 30% of the S&P 500’s total market value. Their impact is staggering: these seven stocks contributed 88% of the index's year-to-date returns. The Roundhill Magnificent Seven ETF (MAGS) posted a 35.8% return in the first half of 2024, significantly outpacing the S&P 500’s 15.1% gain over the same period.
Despite Tesla’s recent volatility, the group as a whole continues to outperform broader market benchmarks, underscoring their central role in modern equity portfolios.
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Cryptocurrency vs. Tech Giants: A Five-Year Growth Battle
While traditional tech stocks have soared, cryptocurrencies like Bitcoin and Ethereum have also made remarkable strides. Though starting from a much smaller base in 2019, both digital assets have delivered extraordinary long-term returns.
Between May 7, 2019, and June 28, 2024, the market capitalizations of these assets evolved as follows:
- Microsoft (MSFT): Grew from $961.8 billion to $3.322 trillion (+245.4%)
- Apple (AAPL): Increased from $933.4 billion to $2.230 trillion (+246.1%)
- NVIDIA (NVDA): Surged from $105.4 billion to $3.039 trillion (+2,782.8%)
- Alphabet (GOOGL): Rose from $818.4 billion to $2.258 trillion (+175.9%)
- Amazon (AMZN): Expanded from $945.8 billion to $2.011 trillion (+112.6%)
- Meta Platforms (META): Jumped from $541.7 billion to $1.279 trillion (+136.1%)
- Tesla (TSLA): Skyrocketed from $43.8 billion to $631.1 billion (+1,340.8%)
- Bitcoin (BTC): Climbed from $104.0 billion to $1.250 trillion (+1,102.2%)
- Ethereum (ETH): Soared from $18.2 billion to $421.0 billion (+2,218.3%)
The combined market cap of the Magnificent Seven reached $15.77 trillion by mid-2024—a 262.5% increase since 2019.
NVIDIA Outpaces All: The AI Boom Drives Unmatched Growth
NVIDIA emerged as the standout performer among both tech stocks and cryptocurrencies, achieving a staggering 2,782.8% market cap increase—the highest of any asset analyzed. Fueled by explosive demand for AI chips and data center solutions, NVIDIA surpassed expectations and became a cornerstone of the artificial intelligence revolution.
Notably, it is the only stock among the Magnificent Seven to outperform both Bitcoin and Ethereum over this five-year window.
Ethereum’s Strong Momentum
Ethereum delivered the second-highest growth at +2,218.3%, nearly doubling Bitcoin’s percentage gain and significantly outpacing all major tech stocks except NVIDIA. Its strong performance reflects growing adoption of smart contracts, decentralized finance (DeFi), non-fungible tokens (NFTs), and institutional interest in blockchain infrastructure.
Bitcoin, while growing from $104 billion to $1.25 trillion (+1,102.2%), started with a higher initial valuation and matured earlier than Ethereum, which explains its relatively lower growth rate despite maintaining dominance in absolute market cap.
Total Market Landscape: Crypto’s Expanding Footprint
By June 28, 2024, the combined market capitalization of the Magnificent Seven, Bitcoin, and Ethereum stood at $17.44 trillion.
Bitcoin and Ethereum together accounted for $1.671 trillion, representing 9.6% of this total—highlighting that while crypto remains a fraction of big tech’s overall value, its influence is increasingly material.
Within the crypto ecosystem itself, BTC and ETH dominated with 66.9% of total cryptocurrency market capitalization:
- Bitcoin: $1.25 trillion (49.9%)
- Ethereum: $421 billion (17.0%)
This duopoly underscores their foundational roles in the digital asset economy.
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Key Events Shaping Crypto Valuations
Unlike publicly traded companies with quarterly earnings and tangible products, cryptocurrencies are highly sensitive to regulatory developments, macroeconomic shifts, and technological milestones.
Notable events impacting BTC and ETH valuations include:
- October 2020: PayPal announced support for cryptocurrency purchases, boosting mainstream credibility.
- May 2022: The collapse of Terra (LUNC) triggered a broad market downturn, wiping out trillions in value across crypto markets.
- January 11, 2024: The U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs—a historic regulatory milestone that catalyzed a 50% surge in both Bitcoin and Ethereum prices within weeks.
Despite these advances, Ethereum continues to trail Bitcoin in absolute market cap due to differences in supply mechanics, brand recognition, and investor perception as “digital gold.”
Why Ethereum Hasn’t Closed the Gap
While Ethereum has demonstrated superior growth rates, several factors prevent it from overtaking Bitcoin:
- First-mover advantage: Bitcoin remains the most recognized and widely held cryptocurrency.
- Store-of-value narrative: BTC is often viewed as a hedge against inflation and fiat devaluation.
- Institutional preference: Many traditional financial institutions favor Bitcoin for custody and exposure purposes.
- Supply dynamics: Bitcoin’s capped supply of 21 million reinforces scarcity; Ethereum transitioned to a deflationary model post-Merge but lacks the same psychological anchor.
Frequently Asked Questions (FAQ)
Q: What are the Magnificent Seven stocks?
A: The Magnificent Seven refers to Apple, Microsoft, Alphabet, Meta Platforms, Amazon, NVIDIA, and Tesla—seven dominant U.S. tech companies that have driven most of the S&P 500’s gains since 2023.
Q: Has Bitcoin outperformed the Magnificent Seven?
A: Bitcoin (+1,102%) outperformed most Magnificent Seven stocks except NVIDIA (+2,783%) and Tesla (+1,341%). It significantly beat Apple, Microsoft, Amazon, Alphabet, and Meta in percentage growth.
Q: Why did Ethereum grow faster than Bitcoin?
A: Ethereum started with a much lower market cap and benefited from rapid innovation—smart contracts, DeFi, NFTs, and staking—driving stronger relative growth despite not surpassing Bitcoin in total value.
Q: Is cryptocurrency market cap larger than any single tech giant?
A: No single crypto asset exceeds the market cap of Apple or Microsoft (~$2–3 trillion), but combined BTC and ETH ($1.67T) surpass Amazon and Tesla individually.
Q: How did Bitcoin ETF approvals affect prices?
A: The SEC’s January 2024 approval of spot Bitcoin ETFs marked a turning point in institutional acceptance, leading to increased inflows and a roughly 50% price increase in BTC and ETH over the following weeks.
Q: Can Ethereum ever surpass Bitcoin in market cap?
A: While possible long-term if adoption accelerates on Layer-2 networks and enterprise use grows, current trends suggest Bitcoin will maintain its lead due to brand strength and monetary policy appeal.
Methodology
This analysis compares market capitalizations as of June 28, 2024. Data for the Magnificent Seven was sourced from YCharts.com using publicly reported figures. Cryptocurrency data for Bitcoin and Ethereum was obtained from CoinGecko’s historical market metrics.
All external promotional links and redundant references have been removed to ensure clarity and neutrality.
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