The digital currency market has continued to witness a strong ascent and gain wider acceptance despite the global health crisis dealing a heavy blow on the world’s economies.
Bitcoin registered a record valuation of $48,482 earlier this week and has climbed in market value by almost 67% this year alone. Its value has ballooned to an impressive 1,200% since the middle of March 2020, TechRadar said.
The latest milestone has given Bitcoin (BTC) a market cap of $900 billion for the first time earlier on Saturday, as the crypto pushes closer to the trillion-dollar market valuation level.
Bigger than 3 banks combined
A $900 billion market valuation represents the addition of $354 billion for the current year alone. The previous all-time high for the crypto’s market cap was reached Feb. 8, when BTC hit the $888 billion mark.
To put this in perspective, bitcoin’s current market cap is bigger than the combined market valuation of JPMorgan Chase, Bank of America, and Citigroup — the three biggest financial institutions in the United States, according to Benzinga.
Bitcoin currently accounts for more than 60% of the total market valuation of all cryptocurrencies, which also hit all-time peaks as the majority of leading altcoins advanced alongside Bitcoin, based on the latest figures by CoinTelegraph.
New all-time highs
Cryptocurrencies, bitcoin, in particular, are now being viewed as a safe-haven asset against inflation and market volatility. The current economic conditions also bring about a situation for people to hold less cash and stay shielded against market unpredictability.
The volume of on-chain bitcoin transactions notched a fresh all-time high earlier last week of $156.03 billion. The daily average for transactions also hit $115 billion – the highest ever recorded on Coinbase.
Meanwhile, CoinTelegraph has reported that institutional investors are rapidly pouring more money into bitcoin, with almost 3% of the electronic currency in circulation stashed in long-term holdings by these investors.
Based on the latest number, 24 entities have amassed more than 460,500 bitcoins, which is equivalent to $22 billion at the crypto’s current price.
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