Bitcoin’s price rally to highs near $56,000 has pushed the largest cryptocurrency past $1 trillion in market capitalization. At the time of writing, Bitcoin was trading at $55,132, up by 6.68% in the last 24 hours.
Bitcoin traded to a new all-time high at $55,781 flipping previous highs of $52,640 set on Feb. 17. Bitcoin’s present market capitalization stands at $1.025 trillion while BTC market dominance is at 61.0%.
Recently, a business intelligence firm, MicroStrategy announced selling $900 million in convertible senior notes due in 2027 in a private offering to qualified institutional buyers to acquire more Bitcoin. This was followed by more bullish institutional news causing Bitcoin to skyrocket in its value. Several market participants reacted to BTC astonishing move:
“The bulls have taken hold of the markets,” stated Denis Vinokourov, head of research at digital assets prime broker Bequant. CZ binance tweeted ‘#Bitcoin market cap reached $1 trillion. A worthy milestone, but still tiny’
Crypto analyst cum economist Alex Kruger tweeted ‘#Bitcoin just hit $1 trillion in market cap. Some are saying it represents “strong resistance”. That’s incorrect. No intelligent trader puts stops, chooses strikes, or takes profit based on MC. The only special thing about $1 trillion is that it means early Bitcoiners are now all rich’
BTC/USD Daily ChartOn Feb. 19, stock to flow model creator planB, @100trillionUSD stated in a tweet “It is simple. In the old world, your money loses value, because governments debase currencies to fund their warfare & welfare state. In the new world #Bitcoin increases in value, because math caps the monetary base at 21M BTC. The new world is eating the old world right now”
And yes! Bitcoin did increase in value, clinching new all-time highs and a $1 trillion market valuation. The pseudonymous analyst earlier said that Bitcoin is right on track in its post halving performance while predicting Bitcoin price by December 2021 to be at $100,000.
Bitcoin has been climbing higher after Tesla’s $1.5 billion Bitcoin buy-in and payment adoption. In early February, Microstrategy pitched Bitcoin to 1400 companies in a BTC-themed conference. It may signal that the bullish institutional news may just keep coming, with rumors suggesting Twitter may become the next major firm to add Bitcoin to its balance sheet.
Tesla’s CEO, Elon Musk was quoted in a tweeted response to CZ Binance about Telsa’s $1.5 billion Bitcoin investment in Bitcoin rather than in Dogecoin saying:
‘Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company. However, when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere’
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
