Bitcoin breaks the $1 trillion barrier in market cap
Reaching yet another fresh lifetime high, Bitcoin, the most famous and globally accepted cryptocurrency in the world, broke the $1 trillion barrier in Market Capitalization, smashing again all skepticism by some major financial experts.
On Friday, the value of a single Bitcoin was up to a record-high of $56,620, having increased 18% in the last week itself. Since the beginning of 2021, the share has taken off and nearly doubled in value at a 92% growth. The 6-month return of Bitcoin is just as insanely high at over 360%.
The value of each unit of the crypto-currency combined is currently hovering around $1.7 trillion. This growth is being attributed to the currency having recently gained major institutional approval after big firms like Bank of New York Mellon and Tesla Inc., converted some of their capital into digital currency.
At 12:01 AM (IST), the officially run Twitter handle of Bitcoin tweeted this image.
— Bitcoin (@Bitcoin) February 19, 2021
The biggest factor that is being linked to this sudden surge of Bitcoin is the encouragement it has recently received from Elon Musk, the world’s current richest man and the CEO/major shareholder of big companies like SpaceX, Tesla Inc., The Boring Company, and PayPal.
Musk has been regularly tweeting about Crypto-Currencies lately which has given the digital currencies globally a big boost. He recently even went on to say that digital currencies were actually better than cash while he was defending the conversion of a fraction of Tesla’s capital into Bitcoin, which has led to this massive interest in it.