Technology

Bitcoin Hits Above $1 Trillion Market Cap Again After The Rise In Its Price

The cryptocurrency’s market value has exceeded the $1 trillion mark for the second time after Feb. 19 while its price has increased above $54,000.

Bitcoin’s market value topped over $1 trillion on Tuesday as its worth also saw an increase. 

Bitcoin surpassed the $1 trillion mark after its price increased by more than 7% from the last day to attain $54,029.85 worth per unit. The cryptocurrency climbed above the $1 trillion market value just less than 3 weeks ago for the first time on February 19, 2021. And now it is Bitcoin’s second time. 

Bitcoin’s current price, however, is not its highest record. On February 22, the cryptocurrency set its highest value record of $58,332.36. 

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2021 has been a great year for the cryptocurrency giant where its price has escalated dramatically. Bitcoin got support from the likes of Tesla, the largest electric car manufacturer, and Mastercard, the credit card giant, last February. 

Mastercard revealed its plan to support popular cryptocurrencies, on February 10, which will enable one billion consumers to spend digital assets at over 30 million merchants. Similarly, on February 8, Elon Musk’s Tesla Inc. announced the firm’s purchase of $1.5 billion worth of Bitcoin. Tesla also said it is going to accept payments in Bitcoin in exchange for its products. Furthermore, companies like Square and Microstrategy, and a Chinese app maker – Meitu also have invested in Bitcoin to add more value to the most popular cryptocurrency. 

The upsurge in Bitcoin’s worth has gained the cryptocurrency a lot of attention. Moreover, Bitcoin has been often referred to as “digital gold” and “safe-haven” too.
As of now, the cryptocurrency’s price is $54,181.68 with a 6.8% rise in the value in the last 24 hours, according to CoinDesk. Similarly, the market capitalization of Bitcoin is $1.01 trillion.

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