Bitcoin hits $1 trillion in market value for the first time amid epic rally – Business Insider
Bitcoin’s astonishing rally catapulted it to a market capitalization of $1 trillion for the first time on Friday, shrugging off concerns of a dramatic collapse reminiscent of 2017 when the famous cryptocurrency fell almost 45% after hitting all-time highs.
Bitcoin on Friday touched a high of $53,262 on the Coinbase exchange.
The cryptocurrency’s 60% surge this month has outperformed by far the growth of traditional assets from stocks to gold. The cryptocurrency has added more than $415 billion of value this year alone, data compiled by Bloomberg show.
“Bitcoin’s market cap hitting $1 trillion demonstrates the mainstreaming of cryptocurrency as a store of value” said Adam Liposky, Ecosystem Operations Lead at Pocket Network, a blockchain data ecosystem for Web3 applications. “Most of us in the market view this milestone as validation for the entire market.”
The cryptocurrency now joins a rarified trillion-dollar market capitalization club with the likes of Amazon, Microsoft, Apple, and Alphabet.
Pundits have long criticized the cryptocurrency’s price volatility and rapid ascent. Many fear it’s a bubble waiting to burst.