Bitcoin Vs Dollar Rate: Bitcoin was last up up 8.75 per cent at $57,107.2.
Cryptocurrency bitcoin hit a market capitalization of $1 trillion as it surged to achieve yet another record high of $56,399.99 on Friday, February 19, continuing its bull stint fuelled by gaining further acceptance from mainstream investors and corporate majors. The world’s most popular cryptocurrency surged to an all-time high, crossing the $57,000 mark on Saturday, posting a weekly gain of 14 per cent. It has surged nearly 70 per cent so far this month and was last up 8.75 per cent at $57,107.2. The digital currency countered analyst warnings that it is an ‘economic side show’ and a poor hedge against a fall in stock prices.
Bitcoin Market Cap Hits $1 Trillion: All You Need To Know
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Bitcoin achieved a historic milestone on Tuesday, February 16, after it breached the $50,000 mark for the first time ever in a dizzying rally, especially after Billionaire Elon Musk’s electric vehicle company Tesla Inc announced a $1.5 billion investment in the cryptocurrency. The surge in prices resulted in a huge stride for bitcoin towards gaining mainstream acceptance from investors. (Also Read: Bitcoin Crosses $50,000 In Historic Win, Gains Further Mainstream Acceptance: 10 Points )
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The digital currency was able to sustain its historic $50,000 win as the world’s largest publicly traded business intelligence company, MicroStrategy announced that it will borrow $600 million to buy more bitcoin. It plans to issue $600 million in convertible notes in order to fund its bitcoin purchase. (Also Read: Bitcoin Stays Above $50,000 As MicroStrategy Seeks $600 Million To Raise Stakes )
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All digital coins combined have a market capitalisation of around $1.7 trillion. On January 7, 2021, the total market value of all cryptocurrencies surged above $1 trillion for the first time backed by bitcoin’s rally of crossing the $40,000 mark then. Bitcoin accounts for around 69 per cent of the total market cap, followed by Ethereum with a 13 per cent share. (Also Read: Cryptocurrency Market Cap Touches $1 Trillion: All You Need To Know )
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Rival cryptocurrency ethereum, the world’s second-largest cryptocurrency with a total value of 220 billion dollars, also more than doubled this year. Ether hit an all-time peak of $1,974.99 on Friday, after its futures were launched on the Chicago Mercantile Exchange, according to news agency Reuters.
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The recent enthusiasm from bigger institutions such as Tesla Inc, MicroStrategy, Bank of NY Mellon, PayPal has also attracted interest from investors across the globe towards bitcoin. Still, many analysts remain skeptical of the patchily regulated, highly volatile digital asset, which is little used for commerce. (Also Read: Bitcoin Shoots Higher To $48,216 In Dizzying Rally After Tesla’s Investment:10 Points )
