Bitcoin Reaches New Highs And Its Market Value Close to a Trillion Dollars

Bitcoin hit a new record high on Friday and is moving towards achieving a market value of $ 1 trillion, ignoring analysts’ warnings that it constitutes an “economic sideways supply” and a flimsy hedge against falling stock prices.

The value of the most popular cryptocurrency in the world jumped 2.6% to $52,932, its highest value ever, which puts it on the track of recording an eight percent jump in a week. Bitcoin’s value has increased nearly 60% since the start of the month.

Makasib has fueled signs that it is acceptable to big investors and mega-companies from Tesla, MasterCard to BNY Mellon.

According to the CoinMarketCap website, which tracks cryptocurrency data, the latest gains pushed Bitcoin’s market value to $982 billion, while the market value of all digital currencies combined is about $1.6 trillion.

On Thursday, Tesla Chief Executive Elon Musk, whose tweets were among the reasons for fueling a rally in Bitcoin, said owning bitcoin is only slightly better than holding traditional cash. He also defended Tesla’s recent move to invest in Bitcoin, as the company’s $1.5 billion purchase of Bitcoin fueled interest in the digital currency.