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Bitcoin Hit $1 Trillion In Value As Cryptocurrencies Rise Generally

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Bitcoin has hit a the one trillion dollar value mark. This happened today amidst the $1.5b investment from Tesla. Elon Musk’s Tesla invested $1.5b in Bitcoin and announced that they would start accepting it as a mode of payment soon. This fuelled a series of announcements by big and small firms that they would start accepting the bitcoin and other cryptocurrencies on their platforms. Apple Pay, Google Pay and Samsung Pay all now allow crypto payments as more companies especially in the West no matter how late they may be have started announcing their intention to accept cryptocurrencies. 

Just before before 11 a.m. ET on Friday, the price of bitcoin hit a new high of $53,763, jumping 3% for the day and nabbing a market capitalization of more than $1 trillion for the first time ever, according to crypto analytics firm CoinMarketCap.

Bitcoin jumped nearly 60 percent in this month alone on the massive investment by Tesla which some have called hypocritical because of the electric power required to mine that amount of bitcoin. The world still generates most of its power from what can simply be described as dirty energy. 

Wedbush Analyst Dan Ives in a call to clients earlier today said, “Bitcoin hitting new highs and moving past the $52k threshold is significant and ultimately speaks to a broader crypto ecosystem morphing behind the scenes,. Given its still-nascent and volatile nature, we believe less than 5% of public companies will head down the bitcoin investment path in some capacity over the next 12 to 18 months, but could move markedly higher as more regulation and acceptance of this currency takes hold further down the road.”

Bitcoin is projected to hit the $70,000 market valuation by the end of the quarter and could hit $200,000 by the end  of the year. This comes as Ethereum which is the world’s second biggest cryptocurrency is just about to hit the $2,000 mark, a very distant second indeed. But other cryptocurrencies are rising as well and it looks like this is really the year of the crypto.

This is a breaking news, we will be updating the article as we learn more

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