What is the market capitalization of bitcoin
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The further recovery of the Bitcoin price has now lifted the market capitalization of the largest cryptocurrency above the one trillion US dollar mark for the second time.
In the past few days, Bitcoin has apparently said goodbye to its violent correction phase and is worth more than $ 54,000 again on Tuesday. After the previous all-time high of a good $ 58,000 in mid-February, things went steeply downhill in the following days - the Bitcoin price fell to $ 43,000. Since the beginning of March, the price of the cryptocurrency has been on the way up again. It has now hit the $ 1 trillion mark in market cap for the second time after the February high.
Bitcoin price rises 9 percent to $ 54,300
Within the past 24 hours, the Bitcoin price has increased by nine percent to around $ 54,300. Bitcoin is still around 4,000 dollars away from its previous historical high. Nevertheless, the rally that began last year has continued into the current year. Since the beginning of the year alone there has been an increase of 80 percent, as CNBC writes. In the past twelve months, the Bitcoin price has increased almost sevenfold.
Industry observers blame several factors for the unprecedented rally of the past few months. Support for the cryptocurrency has increased among institutional investors. Individual companies, above all Tesla, Square and Microstrategy, have bought Bitcoin directly - and thus strengthened the confidence of private investors in the topic. Paypal has also signaled support for Bitcoin and other crypto currencies and wants to enable payment with it. Most recently, Paypal incorporated the crypto company Curv.
US aid package heats up crypto market
Last but not least, the corona crisis and the current phase of low interest rates support investment alternatives such as gold or Bitcoin. The $ 1.9 trillion aid package that the US Senate passed is likely to be responsible for the Bitcoin boom of the past few hours. According to observers, a not to be underestimated part of the money paid out to private individuals could be invested directly in crypto currencies such as Bitcoin. In addition to Bitcoin, the other crypto currencies such as Ethereum will certainly benefit from the fresh money.
Also interesting: the website shows you how many times Bitcoin has been declared dead
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