Bitcoin Reaches All-Time High Price after Crossing $1 Trillion Mark in Market Cap
Finally, Bitcoin has crossed the $1 Trillion mark. The sudden increment in the value of Bitcoin has further reduced the margin in the market cap between Google and the leading cryptocurrency.
Bitcoin now stands at $54,911 with a market cap of $1.013 trillion to be exact. The value of Bitcoin has increased by 5.77% in the last 24 hours. At the start of 2021, Bitcoin was at around $500 billion, which has now doubled. The 18.6 million bitcoin tokens are now worth a huge amount of over $1 trillion. For the past few months now, Bitcoin has skyrocketed higher at an exponential rate since its last highest of $20,000 in December of 2017.
Investors and Economists’ Views
These days, whenever Bitcoin is mentioned, Tesla and Elon Musk will come into the discussion as well. Tesla’s $1.5 billion investment had stolen the attention of so many investors. But now, with Bitcoin crossing $1 trillion and on a steep rise, the potential investors and millionaires are even more attentive.
According to Alex Kruger, a trader and economist, the sudden surge and rise of Bitcoin were expected. The major investors include retailers, corporations, and institutions. However, Kruger showed concern about the excessive leverage in the system. According to the expert, the built leverage cannot change a healthy trend. Although this surge has made the investors and potential investors focus on the market more closely.
But of course, the investors are overjoyed on the exponential rise of Bitcoin and are hoping for a further rise in the value of the king coin. Since October, the price of Bitcoin has boosted by 250%, which has made the flagship coin more valuable and respectable in the global economy. The Swann app’s chief executive, Cory Klippsten, believes that this $1 trillion is just a “drop in the market”. According to him, Bitcoin will reach the highs of $200 trillion to $400 trillion. Eric Peters, River Asset Management chief executive, bids that Bitcoin might even value more than gold in the future. Peters told Bloomberg that he considers cryptocurrencies “a new asset class altogether”. Peters further said that he finds some similarities between Bitcoin and gold. Peters added that what is most unusual about Bitcoin is that no matter how much its price increases, its production rate will remain static.