The market value of more than trillion dollars has a new member: Bitcoin. Specifically, the price of BTC soared on Friday, bringing the value of all Bitcoins created since 2009 to more than $ 1 trillion, in a market driven by announcements from large companies.
Over the past few months, Bitcoin has not stopped breaking through its all-time highs. Currently, above $ 55,000. This has caused its market capitalization to exceed, for the first time, a trillion dollars.
According to CoinMarketCap, with more than 18.6 million Bitcoins created since its launch in 2009, the market as a whole represents potentially more than a trillion dollars.
Bitcoin market capitalization. Source: CoinMarketCap
Bitcoin exceeds a trillion dollars
In short, Bitcoin achieved this Friday, February 19, an important milestone within its current bullish cycle. Well, BTC surpassed a trillion dollars of market capitalization, just after surpassing its milestone in the historical price of more than $ 52,000 on Wednesday afternoon.
In fact, in its unstoppable career, the cryptocurrency is up 90% so far this year and more than 450% in the last 12 months.
Companies express their interest
Indeed, the insistent warnings by some experts and institutions about a Bitcoin bubble do not seem to put off investors. In fact, they see the possibility of making money fast and easy.
By the way, in recent months, many financial companies have expressed their interest in cryptocurrency.
Starting with PayPal in October, to the investment funds BlackRock at the end of January. Passing through BNY Mellon, numerous American financial players announced that they plan to launch services to use or sell cryptocurrencies.
Another example, the current bull rally got added momentum when Tesla founder Elon Musk announced that the company had acquired $ 1.5 billion worth of Bitcoins in January. Also, that Tesla would accept Bitcoin, as a form of payment.
Also, in the last days of January 2021, MicroStrategy noted that it had invested a substantial amount. And so, accumulate 71,079 Bitcoins.
To culminate, the institutional interest in Bitcoin and the growing exposure of cryptocurrencies in the financial system and the media, have the cryptocurrency in a rally that no one dares to predict when it will end.
I close with this phrase from Changpeng Zhao: “Don’t fight the inevitable, embrace it.”