The market capitalization value of Bitcoin once again broke its record level of US $ 1 trillion for the second time in mid-morning trading Singapore time this Tuesday (9/3/2021).
The most popular cryptocurrency, this one, first hit that record on February 19. Bitcoin’s market cap held above US $ 1 trillion for several days, before finally falling again below that figure.
This time, Bitcoin‘s capitalization even surpassed the US $ 1 trillion level as cryptocurrency prices were soaring. Quoted from CNBC International, Tuesday (9/3/2021), the highest value of Bitcoin today occurred in the afternoon of Singapore time, reaching US $ 54,348.57 per unit. That value, 7% higher than the same time the day before.
So far, Bitcoin’s all-time high is at US $ 58,332.36. Overall, looking back, this digital currency has grown more than 80% so far this year and 570% higher over the past 12 months.
Big Investor Participation Boosts Bitcoin Price
The increase in Bitcoin price occurred because it was driven by several factors. One of the main things is because there is the participation of well-known investors and several purchases made by big companies in the world such as Tesla, Square, and Microstrategy.
On Sunday, Chinese app maker Meitu said they are not only buying bitcoin, but also other cryptocurrencies like Ether.
Meitu’s sentiment automatically boosts the value of Ether. Ether, this morning was trading at US $ 1,836.73, up nearly 7% from the previous day.
PayPal on Monday also said the same thing. They will buy the cryptocurrency security company Curv.
Proponents of bitcoin often equate this asset with digital gold, an inflation hedge and a potential safe-haven asset where investors can park their money in times of political or economic turmoil.
Some argue that loose monetary policies such as low interest rates and asset purchases by central banks around the world erode the value of fiat currencies such as the US dollar, but bitcoin provides a better alternative to investing.
