in

With its price tag of $ 57,000, bitcoin is approaching 1.1 trillion capitalization

Key facts:

Bitcoin set a new all-time high above $ 57,459.

Momentarily, bitcoin’s capitalization reached $ 1.07 trillion.

Just 24 hours after passing a trillion dollars of capitalization, bitcoin began to flirt with $ 1.1 trillion this Saturday, February 20. During the day, the price of bitcoin surpassed $ 57,000 for the first time in its 12-year history and maintains the impressive upward pace of recent months.

During the morning of this Saturday, bitcoin surpassed the $ 57,000 mark, albeit momentarily, as the CoinMarketCap record shows. At its all-time high, BTC set a new all-time high (ATH) at $ 57,459.

With that peak, the total capitalization of bitcoins in circulation reached 1.07 trillion dollars, consolidating itself on the milestone that it reached this Friday morning for the first time in its history: entering the select group of assets with more than 1 trillion in capitalization.

BTC market buy sell

BTC market buy sell

During its peak above $ 57,400, bitcoin’s capitalization reached $ 1.07 trillion. Source: CoinMarketCap.

In its 12 years of existence, bitcoin has exploded in the financial world. 10 years ago, BTC achieved the equivalent of a US dollar. And since then, the North American currency has devalued 99.998% against the cryptocurrency.

After backing up a bit, the price is around $ 56,300 at the time of writing this article. At that level, the cryptocurrency’s rise is more than 20% in just one week, a period of green numbers for the top 20 cryptocurrencies, with the only exceptions being Ripple’s XRP, stellar (XLM) and dogecoin (DOGE). .

Incessant bitcoin boom

In around three months, the price of BTC has tripled. Last December, the cryptocurrency surpassed its 2017 ATH around $ 20,000 and now it seems headed for 60,000, which would coincide with the most recent short-term prediction of analyst Willy Woo.

According to the renowned creator of metrics for tracking bitcoin, the next level BTC will reach thanks to a large flow of capital will be $ 63,000 per unit, CriptoNoticias reported a few days ago.

The flow of capital that Woo alludes to is none other than the large amount of institutional money that has come into play in recent months. As the image of bitcoin as an effective form of store of value gains strength, more and more companies are allocating part of their assets to cryptocurrency.

In just a few days, between just two companies there was a multi-million dollar investment in the cryptocurrency. Among Elon Musk’s electric vehicle manufacturing company Tesla; and business intelligence firm MicroStrategy, we talked about more than 2.5 billion dollars invested in bitcoin in a couple of weeks.