Bitcoin exceeded USD 59,000 and major altcoins are also on the rise, recording notable gains. The first cryptocurrency by market capitalization broke the USD 1.1 trillion mark, outperforming Canada’s and Australia’s M1 money supply.
The price of the pioneering cryptocurrency recently exceeded USD 59,000 after PayPal confirmed the formal launch of crypto payments. The payment services provider will formally announce that it will introduce the long-awaited payments feature to its customers in the United States.
Last year, there was a stir in the ecosystem after the company confirmed its entry into the world of cryptocurrencies. That launch will finally roll out to all users and 29 million traders.
According to Dan Schulman, president and CEO of PayPal, people will now be able to use cryptocurrencies within their PayPal wallet. They will do it without problems, in the same way as with a credit or debit card.
PayPal will not focus solely on Bitcoin but the price action of the cryptocurrency reacted favorably to the announcements. The price of the cryptocurrency exceeded the all-time high of USD 58,300 in February and then exceeded USD 59,000.
The Cryptocurrency Market Grows Alongside Bitcoin
The price of major altcoins accompanied that of Bitcoin as they are also on the rise and have recorded notable gains. The increase in their price has been between 2% and 9%, according to data from CoinGecko.
The most prominent cases are Ethereum (ETH), Binance Coin (BNB), Ripple’s XRP, Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH), Crypto.com (CRO), Solana (SOL), AAVE, and IOTA (MIOTA).
Regarding the use of cryptocurrencies in PayPal, the company expects the payment service to be available for four of them: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Customers paying with cryptocurrencies will not incur transaction fees on purchases, and can only use one currency per purchase.
Bitcoin’s Market Cap Once Again Exceeds Canada’s M1 Money Supply
The price of the first cryptocurrency by market capitalization recently broke the USD 1.105 trillion mark. This growth now means that the size of the Bitcoin market has exceeded Canada’s M1 money supply of USD 1,104 trillion.
With the current figure, the market capitalization of Bitcoin is also greater than the M1 money supply of the Australian dollar. The latter is currently at approximately USD 1.079 trillion.
Bitcoin’s market capitalization is now so large that the cryptocurrency is in the top 10 rankings for limited money stocks.
M1, or limited money, is the total supply of physical currency in circulation, which has different forms. These include traveler’s checks and other forms of demand deposits held by non-bank institutions, public companies, and private sector organizations, among others.
Once again, Bitcoin has proved that it is capable of exceeding previous all-time highs after its drops. In this case, both its trading price and its capitalization market increased. For this and other reasons, the cryptocurrency that Satoshi Nakamoto created continues to be the best investment option in the market.
By Willmen Blanco