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Bitcoin record-breaking continues: Market value exceeds $ 1 trillion

Bitcoin record-breaking continues: Market value exceeds $ 1 trillion

Bitcoin broke records several times in recent months and managed to raise its price above $ 50,000 a few days ago. Now, Ramzarz has conquered a new peak, with a market value of more than $ 1 trillion To achieve.

The most popular cryptocurrency in the market, Bitcoin, a few hours ago managed to reach a price of $ 56,399.99 with a weekly growth of 14%, which is a new record. In the first 20 days of this month alone, the cryptocurrency increased in price by 70%, mainly due to the announcement of Tesla’s $ 1.5 billion investment.

In addition to this investment, we are witnessing the expansion of its acceptance by investors and large companies such as MasterCard as well as Apple Pay. The market value of bitcoin now exceeds $ 1 trillion, and the total market value of cryptocurrencies in the world is over $ 1.7 trillion.

Bitcoin is still growing, according to John Woo, director of Ava Labs’ open source platform for developing financial apps using blockchain technology:

“If you look at gold and its market value of $ 9 trillion to $ 10 trillion, Bitcoin, even if it wants to reach half the market value of gold, still has room to grow fourfold to $ 200,000. “So we still do not know when the value of these cryptocurrencies will stop growing.”

Bitcoin, with a market value of $ 1 trillion, is higher than companies like Facebook, but still less valuable than Apple, Alphabet, Amazon, and Microsoft. So, according to Jacob Scanning, portfolio manager at Ramkars Risk Cash Fund ARK36, Alphabet’s next Bitcoin target is worth $ 1.431 billion.

“I think Ramzarz will have big fluctuations in achieving this goal, but I also believe that price growth will continue in the future.”

Despite Bitcoin’s record-breaking breakthroughs, as well as promising predictions about the future of the cryptocurrency, many analysts are still skeptical about its future, and regulators and high fluctuations in digital assets are the main reasons for this doubt.

Jeep Morgan analysts say the current price of Bitcoin is higher than its fair value. The bank considers the record-breaking investment of these cryptocurrencies unstable and expects its price to fall in the future. In addition to Jeep Morgan, Bank of America has announced the price increase of these cryptocurrencies as the biggest economic bubble in history.

No matter how pessimistic there is about the future of Bitcoin, many still see the future as bright and even predict a $ 600,000 price tag for it in 2021.

Bitcoin

Tesla CEO Ilan Musk, a sponsor of the cryptocurrencies, recently backed Tesla’s $ 1.5 billion purchase of bitcoin, saying that buying cryptocurrencies is better than keeping cash. Mask has been making a big impact on the market in recent weeks with his tweets.

In order for Bitcoin to become one of the major players in the world economy, its price must continue to rise in order to attract a large portion of gold market investors over time, in addition to being widely accepted by activists. So we have to wait for the multi-trillion dollar value of bitcoin in the future, unless it becomes one of the biggest economic bubbles in history.

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