Bitcoin marketcap above $1 trillion! Bitcoin marketcap climbs over $1 trillion for the first time ever on Friday.
One Bitcoin jumped to a record $53,910.44, briefly bringing the total market capitalization to a peak of $1,002,547,798,785.
Bitcoin was up about 4% on Friday – Bitcoin has seen a surge of 85% since the beginning of 2021. By comparison, gold is down 6% this year.
The S&P500 index is looking at a gain of 4.5% while the Dow Jones Industrial Average is up 3.3%. The Nasdaq Composite Index is looking at an impressive (for traditional markets) gains of 8%.
The path to 1 trillion was started 12 years ago by a person or persons known as Satoshi Nakamoto. Growing institutional interest in Bitcoin and other cryptocurrencies has fueled this drive north.
Bitcoin and cryptocurrency was injected with fresh intrigue when Elon Musk’s Tesla Inc. announced that they had acquired $1.5 billion dollars worth of Bitcoin in January and was looking to accept the cryptocurrency as payment in the future.
Musk tweeted out a rationale for diversifying his and his company’s holdings, saying the decision was “simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
Other institutional players including PayPal Holdings Inc. opened its platform up to all US customers to be able to buy Bitcoin – this has helped drive Bitcoin prices sharply higher in recent weeks and months.
Bitcoin’s dominance is at around 60%, down from a recent peak from around 70%. This may suggest that other cryptos like Ether are drawing the attention of buyers who are looking to profit off of Bitcoin’s mighty move north.
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