The “Buy-In” Strengthens Cryptocurrency

  • Bitcoin occupies the largest share in the entire cryptocurrency sector and is nowhere near comparable with the others. It accounts for 60% of the entire market capitalization
  • The second cryptocurrency, Ethereum, has a capitalization that weighs 13% of the entire market, while all the other major currencies are under 2%.
  • Bitcoin “has started to get so big that it arguably creates its own demand as companies and institutions begin to make forays into a field they wouldn’t have touched a few months previously,” Deutsche Bank research strategist Jim Reid said in a note.

Bitcoin, the most popular and valued cryptocurrency, continues to break records. on Friday, it passed the high threshold of $ 1 trillion in capitalization, according to data from CoinMarketCap. The valuation of the cryptocurrency also exceeded $54,000, continuing the rise at the highest levels ever.

Bitcoin hits $1 trillion inBitcoin hits $1 trillion in market value as cryptocurrency surge continues market value as cryptocurrency surge continues.

Bitcoin occupies the largest share in the entire cryptocurrency sector and is nowhere near comparable with the others. It accounts for 60% of the entire market capitalization, although that slice has dropped from between 80 and 90% five years ago when digital currencies were much less well known and traded.

 The second cryptocurrency, Ethereum, has a capitalization that weighs 13% of the entire market, while all the other major currencies are under 2%.

Bitcoin “has started to get so big that it arguably creates its own demand as companies and institutions begin to make forays into a field they wouldn’t have touched a few months previously,” Deutsche Bank research strategist Jim Reid said in a note. “Ironically it is turning itself into a credible asset class to many by rallying so much of late and also by getting increasing institutional buy-in.” he added.

Meanwhile, the signs of a greater acceptance of the cryptocurrency world by mainstream finance continue. Yesterday there was the listing of the first ETF ever on bitcoin, on the Toronto Stock Exchange, with trades that immediately proved to be remarkable.

  • Bitcoin’s market value surpassed $1 trillion on Friday, according to Coindesk.

Coinbase, the main cryptocurrency listing, and exchange platform is preparing for the listing on Wall Street, which according to experts could even reach 100 billion dollars.

Bitcoin’s market value surpassed $1 trillion on Friday, according to Coindesk.

The run of bitcoin above $ 50,000 has been buoyed in recent weeks by the operations of large companies such as Tesla, which has bought $ 1.5 billion in cryptocurrency, BNY Mellon, BlackRock, and Mastercard. Just a few days ago MicroStrategy announced that it intends to raise $ 600 million through the private sale of convertible bonds to finance the purchase of bitcoin.

This month, Tesla disclosed a $1.5 billion investment and MicroStrategy boosted a sale of convertible bonds to $900 million to buy even more of the token. The move propelled the coin closer to corporate America.

“If companies’ fundamentals are going to become closely tied to movements in Bitcoin because they’ve suddenly become speculators on the side, we’re going to be in bubble territory before you know it,” said Craig Erlam, senior market analyst with Oanda Europe Ltd.

Tesla CEO Elon Musk On Friday did a somewhat cryptic tweet which appeared partly to defend the company’s action, saying bitcoin “is simply a less dumb form of liquidity than cash” and also stated that the electric vehicle maker’s decision isn’t “directly reflective of my opinion.”

The “long bitcoin” trade is seen as among the most crowded in the world alongside technology exposure and dollar shorts, according to the February edition of Bank of America’s global fund manager survey.

Vincent Ferdinand

News reporting is my thing. My view of what is happening in our world is colored by my love of history and how the past influences events taking place in the present time.  I like reading politics and writing articles. It was said by Geoffrey C. Ward, "Journalism is merely history's first draft." Everyone who writes about what is happening today is indeed, writing a small part of our history.

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