Bitcoin’s market cap hits $1 trillion
February 23, 2021
This past Friday, Feb. 19, bitcoin’s market cap hit the major milestone of surpassing $1 trillion in value. When the cryptocurrency hit this new milestone, it was valued at about $54,000 per bitcoin and ended the day valuing at just under $56,000 per bitcoin.
According to Coindesk, a bitcoin’s value is three times greater than it was worth three months ago, from a value of about $18,000 to a value of about $55,000. Before bitcoin’s rise in value these past three months, a bitcoin was never valued above $20,000. To put this better into perspective, only five companies have a higher market cap than bitcoin.
The primary reason for bitcoin’s rise in popularity is the adoption of the coin by major companies such as Tesla, Apple, and PayPal. However, there are still a few skeptics of this cryptocurrency, such as the banking firm JPMorgan.