The pioneering cryptocurrency hit a new all-time high above USD 57,459. Bitcoin’s market capitalization momentarily reached USD 1.07 trillion.
Bitcoin recently flirted with USD 1.1 trillion, just 24 hours after it exceeded USD 1 trillion by capitalization. The price of Bitcoin reached above USD 57,000 for the first time in its history. Additionally, the pioneering cryptocurrency keeps the impressive upward pace that it had in recent months.
According to data from CoinMarketCap, Bitcoin exceeded the USD 57,000 mark momentarily. At its highest point, the cryptocurrency set a new all-time high (ATH) at USD 57,459.
That spike allowed the total capitalization of the Bitcoin in circulation to reach USD 1.07 trillion amid its current bullish cycle. In that way, the first cryptocurrency takes hold of the milestone that it recently reached for the first time in its history. It managed to enter the select group of assets with more than USD 1 trillion per capitalization.
Since its creation 12 years ago, Bitcoin has climbed the financial world in surprising ways. On February 10th, 2011, the first cryptocurrency achieved the equivalence of one US dollar. For that reason, this date could be called the “parity party”. Since then, the US fiat currency has devalued by 99.998% against the cryptocurrency.
At the time of writing this article, the pioneering cryptocurrency’s price is around USD 57,300, after having pulled back a bit. That increase of more than 20% in just one week occurs when the top 20 cryptocurrencies are in green numbers. The only exceptions are XRP from Ripple, Stellar (XLM), and Dogecoin (DOGE).
The Incessant Rise of Bitcoin
The price of the main cryptocurrency on the market has tripled in around three months. In December, Bitcoin exceeded its all-time high of 2017, when it was around USD 20,000. It seems that it is now heading towards USD 60,000, coinciding with Willy Woo’s most recent short-term prediction.
The renowned creator of metrics for tracking Bitcoin forecasts that a large flow of capital will take Bitcoin to USD 63,000. With this, the analyst alludes to the large amount of institutional money that has come into play in recent months.
Bitcoin is gaining momentum as an effective form of store of value. This occurs as a consequence of the increasing number of companies that invest part of their
assets in the cryptocurrency.
In a matter of a couple of weeks, there was a multi-million dollar investment in the pioneering cryptocurrency between just two companies. Elon Musk’s electric car maker Tesla and business intelligence firm MicroStrategy invested more than USD 2.5 billion.
The relevance of Bitcoin in the current world market is increasingly evident thanks to the trust that it has gained. A growing number of people and companies have been investing in the cryptocurrency in the last year. This has led to Satoshi Nakamoto’s creation reaching new all-time highs, even after suffering big drops.
By Alexander Salazar
