BTC Value Surpasses $1 Trillion, Again! Cryptocurrencies Now Called 'Digital Gold'

Urian B., Tech Times 09 March 2021, 12:03 am

For the second time around, Bitcoin value has just soared past the $1 trillion mark this Thursday as the general price of the cryptocurrency jumped impressively. For those that haven't been delving into digital currency, the aggressive and volatile movements happen quite often.

CoinDesk Bitcoin value

The digital coin's price increased on Tuesday and its whole market capitalization actually increased and went over $1 trillion during the mid-morning trade Singapore time. This was according to CoinDesk. According to the story by CNBC, Bitcoin extended their very own gains hitting an impressive 24-hour high of a whopping $54,029.85 at about 11:35AM SG time.

It was reportedly 7% higher at the same time compared to the day before. Bitcoin has also also pared some of those given gains. It was reportedly only the second time ever that Bitcoin value was able to surpass the $1 trillion mark after first hitting that milestone not too long ago for the very first time back in Feb 19, according to CoinDesk. Bitcoin's main market capitalization was able to hold above $1 trillion for a number of days before ultimately falling below that given mark.

What is the most 1 Bitcoin has been worth?

Despite Bitcoin sitting off of its reported all-time high of $58,332.36, it has ever since then still seen quite a huge rally. The whole digital currency is reportedly up by over 80% this year and has seen a 570% rise over the course of the last 12 months.

Bitcoin's main rally has been attributed to a number of factors which include participation coming from larger institutional investors as well as some notable purchases from other corporations. Microstrategy, Square, and now Tesla are among the newer companies that have decided to purchase bitcoin.

Ethereum price

On sunday, a certain Chinese appmaker known as Meitu noted that it had actually purchased not just bitcoin, but also another popular cryptocurrency as well known as Ether. Ether is a cryptocurrency that runs within the Ethereum network and was reportedly trading at around $1,836.73 by 10:41 AM SG time. This was nearly up by 7% in comparison to the day before, according to CoinDesk.

Companies are also reportedly making acquisitions around the whole cryptocurrency space and in more recent news, PayPal has just announced on Monday that it will be buying a certain cryptocurrency security firm known as Curv. The in the story by CNBC noted that proponents of Bitcoin are actually often likened to "digital gold" which is a hedge against inflation as well as potential "safe haven" assets where investors can reportedly park their own money in certain times of either economic or political turmoil.

A few others, however, argue that the loose monetary policy just like the low interest rates and the asset purchased by the central banks around the whole world actually erodes the entire value of fiat currencies just like the US dollar and a few others. Bitcoin also provides a good alternative to invest in.

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Written by Urian Buenconsejo