Bitcoin's market capitalization topped $ 1 trillion for the first time, according to CoinMarketCap data.
According to CoinMarketCap data, Bitcoin's market capitalization has exceeded $ 1 trillion for the first time in history. The leading cryptocurrency has gained 900% in less than a year.
Background Of Ascension
Bitcoin's market value has tripled in the past three months. The price of Bitcoin, which has entered a new upward trend in the last 24 hours, has exceeded 55 thousand dollars. However, Bitcoin has a market capitalization of $ 1 trillion.
Bitcoin's rally in 2020 was especially accelerated when Nasdaq-traded MicroStrategy bought $ 250 million in BTC in August. The fact that leading institutions and billionaires, especially Microstrategy, invest in reserve currencies has ignited the fuse of the upward trend in the cryptocurrency market. In the last days of January 2020, MicroStrategy invested more than $ 1 billion in Bitcoin, owning 71,079 BTC, which led to holding 0.38 of the total supply. In February, the company began holding free webinars for institutions that want to include BTC in their treasury reserves. Microstrategy is already continuing its attempts to buy BTC for $ 900 million.
Bitcoin Moves By Major Institutions
Corporate asset manager Grayscale, on the other hand, has aggressively increased the number of bitcoins in its Bitcoin Trust Fund since 2020. The total value of assets under the management of the Bitcoin Trust Fund rose from $ 1.8 billion to $ 17.5 billion in January 2021. In 2021, Grayscale bought far more than the number of Bitcoins produced daily.
Bitcoin had risen to an all-time high with Tesla's $ 1.5 billion BTC investment on February 8. However, amid rumors that Twitter will be the next big company to add Bitcoin to its balance sheet. BNY Mellon and Deutsche Bank will provide Bitcoin storage (custody) service. Big funds such as Blackrock and Morgan Stanley are also considering investing in Bitcoin. Finally, the current Bitcoin price is at 55 thousand dollars.