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CNBC reported that the market capitalization of Bitcoin, a representative cryptocurrency, first exceeded $1 trillion (about 1,100 trillion won) on the 19th (local time), citing CoinDesk.
As of the morning of the day, Bitcoin is trading at the 54,000 dollar level, up 3% from the previous 24 hours.
Bitcoin price has soared 350% over the past six months, and has risen 64% only in February.
Direct comparison is difficult, but the $1 trillion market cap is an area achieved by very few companies, CNBC said. It’s more than the $700 billion Tesla and smaller than the $2 trillion mark Apple.
According to Reuters, the combined market capitalization of all cryptocurrencies is estimated at $1.7 trillion.
The adoption of virtual currency by several global companies and financial institutions is supporting this uptrend.
New York Melon Bank (BNY Melon), the oldest in the United States, announced that it would handle bitcoin in the future, and Tesla, an electric car company, announced that it plans to buy $1.5 billion worth of bitcoin and accept it as a payment method in the future.
In the news of the day, Cameron Winkleboss, co-founder of Gemini cryptocurrency exchange, cheered in an article on Twitter saying, “From blank to $1 trillion. Bitcoin is eating the dollar alive.”
Bitcoin is gradually entering the mainstream financial market as prices rise and more companies and financial institutions handle it, but concerns remain. It is highly volatile and has little practical use value.
Ken Griffin, founder of Citadel Securities, nailed “I am not interested in virtual currency” in an interview that day, and JPMorgan also published a negative report stating that the bitcoin rally is unsustainable.
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