- Bitcoin has reclaimed a market capitalization of $1 trillion, following the recent uptick in value.
- BTC keeps growing as institutions are still interested in holding it.
The last weeks of February saw the leading cryptocurrency, Bitcoin (BTC), trading below $50,000. Most of the popularly-traded cryptocurrencies, including Ether (ETH), Cardano (ADA), Binance Coin (BNB), etc., were involved in the market correction. However, BTC is already posting modest growth this week, as the price has pushed above $50,000 and counting.
Today, the cryptocurrency reclaimed $1 trillion market valuation, following the upturn in market price.
Bitcoin at $1 trillion cap again
At the time of writing, Bitcoin was trading at $53,766 on Coinmarketcap, which represents over a six percent increase on the 24-hour price change. On a seven-day price change, the cryptocurrency is up by over 10 percent, according to the digital currency price tracking platform. Following today’s price, BTC is only about 7.84 percent away from reaching its all-time high (ATH) at $58,330 which it set on the 21st of February.
BTC recently dropped from a trillion-cap asset as the market price dropped below $50,000. With a value of $53,766 per BTC, however, the cryptocurrency currently has a market capitalization of over $1 trillion, from a circulating supply of 18,648,793 BTC, per Coinmarketcap. Bitcoin is currently the eighth-largest asset by market capitalization. It has surpassed the likes of Alibaba, Tencent, Facebook, Tesla, and Visa, all of which have a capitalization below $1 trillion.
What’s behind BTC’s rise?
A plausible reason behind the increase in BTC price is the growing buying momentum from investors, especially institutions and corporations. Lately, Elon Musk’s electric car company, Tesla, invested more than $1 billion in the cryptocurrency, while MicroStrategy continued to raise its Bitcoin holdings by millions of dollars. Recently, a software company, Meitu, disclosed buying $17.9 million BTC and $22 million ETH as part of its treasury reserve.