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Bitcoin Market Cap Surpasses 900 Billion Briefly, 1 Trillion in Sight

Bitcoin‘s market capitalization was less than $100 million short of $1 trillion briefly on Friday 12. Its market capitalization has surpassed $900 billion as Bitcoin prices hit record highs.

Bitcoin price on Bitstamp, one of the oldest Bitcoin exchanges, hit a high of $49,000, resulting in a market capitalization of $912.69 billion. Bitcoin prices are currently $47,745 per coin, up 5% in the last 24 hours and 28% in the last 7 days.

A market capitalization of $900 billion means an additional $354 billion in market capitalization in 2021 alone.

Bitcoin currently accounts for 61% of the market capitalization of all cryptocurrencies. The total market capitalization of cryptocurrencies was $1.436 trillion, an increase of 88.5% from the beginning of 2021.

Bitcoin is currently the ninth-largest asset in the world, overtaking Facebook and Tesla last week, according to CompaniesMarketCap, a site that ranks the market capitalization of various assets.

In terms of GDP, Bitcoin’s $900 billion is between Mexico ($1.4 trillion) and the Netherlands ($88.6 billion).

Investors massively buy bitcoin from crypto exchanges

Immediately after the price of bitcoin rose to $49,000, investors began to massively sell the premier cryptocurrency and transfer it to cold wallets for long-term storage. The outflow of bitcoins from exchanges reduces the supply in the market, which leads to higher prices. This means that Bitcoin will be able to set a new price record in the next few weeks.

In this regard, the forecast of analysts at Bloomberg, who have already stated that the price of one bitcoin can be a hundred times more expensive than gold, no longer seems so unrealistic. The cost of a troy ounce of gold is currently $ 1,828. During the day, the yellow metal gained 1.9% of its value.

The price of gold. Source: Investing.com

Recall that the founders of the Gemini cryptocurrency exchange, brothers Cameron and Tyler Winklevoss, are confident that Bitcoin can rise in price up to $500,000 per coin.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© MarkStevenson for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin

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