The market capitalization for bitcoin has gone through the roof. The cryptocurrency has been on a constant rise since the end of 2020. Despite some moments of the cryptocurrency faltering, the value for bitcoin thrive through and broke another record instead.
Record after record, bitcoin total trading value has now exceeded $1 trillion
Last Friday, bitcoin hit another all-time high. As of CNN‘s latest report, bitcoin value was floating around $55,000. Accordingly, Coinbase reported that about 18.6 million out of 21 million bitcoins are circulating in the market. With these two pieces of information alone, the capitalization of bitcoin roughly has exceeded $1 trillion.
Though comparing bitcoin to big firms is not really fair, it is worthwhile to note that only four companies in the United States are above bitcoin. These companies are Apple, Microsoft, Amazon and Google owner Alphabet. Tesla is even $225 billion below bitcoin.
Investors are still very much enthusiastic over bitcoin and its constant growth. Only over the past two months, bitcoins have inclined over 80%. Additionally, Ethereum also became the second-largest cryptocurrency. Its total value is worth $220 billion, a quarter of bitcoin. Though started off as a joke, the surging wave in cryptocurrency is not leaving out dogecoin. Dogecoin also recorded a notable surge, mainly due to a Reddit community.
More companies start to recognize bitcoin
More and more companies are starting to delve into bitcoin as well. Tesla has just announced earlier this month to have bought more bitcoins. The company now owns $1.5 billions worth of bitcoin in its corporate coffers. Additionally, consumers may now purchase Tesla’s cars and SUVs using bitcoin.
Tesla’s advancement pulled the trigger for other big companies to start putting bitcoin or other cryptocurrencies on their balance sheet. Quoted from CNN, Corporate America is validating bitcoin. Payments giant Square and PayPal are also allowing buy and sell bitcoin. On the credit card companies, Visa and Mastercard are starting to embrace cryptocurrency.
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