Bitcoin’s market value reaches $1.35 trillion for the first time in history

The market capitalization of Bitcoin, the leading cryptocurrency by market value, surged to a historic high of $1.35 trillion before experiencing a slight downturn.

Bitcoin climbed to $67.5 thousand, edging close to its previous record of about $69 thousand set in November 2021. Presently, Bitcoin is trading at $66.5 thousand, marking a robust 3.8% increase.

Over the past week, cryptocurrency prices have witnessed a remarkable surge of over 20%. Last year, Bitcoin plummeted to a low of $19.6 thousand.

Given its substantial market capitalization and dominant position, the rising price of Bitcoin has catalyzed an uptrend in other premium cryptocurrencies. Shiba Inu (SHIB), particularly popular among Indian investors, soared over 280% in the past week, mirroring the performance of Dogecoin (DOGE), which saw a surge of over 100%.

The imminent “Bitcoin halving,” scheduled for around April of this year, is anticipated to further impact the cryptocurrency landscape. During this event, the Bitcoin mining reward will be halved, occurring approximately every four years with the aim of slowing down the influx of new coins into the system. Many investors perceive this scarcity as a catalyst for driving up the price of Bitcoin.