February 22, 2021

Bitcoin capitalisation reaches $1 trillion

Bitcoin capitalisation reaches $1 trillion

Since the beginning of February, the capitalisation of the first cryptocurrency has increased by $400 billion

On February 19, the capitalisation of bitcoin for the first time in history reached $1 trillion, according to CoinDesk at 18:44 Moscow time. The cryptocurrency rate reached $53.7 thousand. Since the beginning of the month, the capitalisation of the digital coin has risen by $400 billion.

The latest wave of Bitcoin growth began after the electric car manufacturer Tesla in early February notified the US Securities and Exchange Commission (SEC) of the purchase of bitcoins in the amount of $1.5 billion. The company also announced plans to start accepting payments in cryptocurrency. Later, the head of Tesla, Elon Musk, called this decision an adventurous one. He noted that the company's actions do not directly reflect his views, and bitcoin is "simply a less stupid form of liquidity than savings in cash."

Another high-profile event on the crypto market was the decision of the largest cryptocurrency owner among public companies, MicroStrategy, to increase its investment in bitcoin by $ 900 million.

“If company fundamentals are closely tied to bitcoin moves, we will be in a bubble before we realise it,” warns Oanda Europe senior market analyst Craig Earlam, speaking to Bloomberg. At the same time, according to a survey of fund managers conducted by Bank of America, long positions on bitcoin (that is, bets that the asset will rise) are among the most popular.

The total capitalisation of the cryptocurrency market is more than $1.6 trillion. According to this indicator, the crypto market is already ahead of the capitalisation of Alphabet (parent company of Google, $1.4 trillion), but lags behind Apple ($2.2 trillion), Microsoft ($1.8 trillion) and Amazon ($1.7 trillion).

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