Bitcoin’s total market value exceeds trillion

In the past 24 hours, the price of bitcoin soared again and set a new record. It once stood above the $56000 mark in the session, and rose about $2000 in 24 hours. Its total market value exceeded $1 trillion for the first time, surpassing Tesla and ranking behind Google. In the past six months, the price of bitcoin has now risen by about 350%.
According to the data of bitcoin home, 130000 people burst their positions by 840 million US dollars (about 5.421 billion yuan) in 24 hours.
Bitcoin rose 7.4% to $56055.74 as of press release, according to coindesk. At this latest price, the total market value of bitcoin is about $1.04 trillion. In the past 24 hours, the highest price of bitcoin hit $56283.55 and the lowest price hit $50821.47.
Since the beginning of 2021, the price of bitcoin has soared by more than 85%. With a market value of US $1 trillion, bitcoin is no inferior to the giant companies in the US stock market. Judging from the top US stocks, the market value of bitcoin has surpassed Tesla, ranking behind Google.
The surge of bitcoin also led the collective rise of blockchain concept stocks in the US stock market, with Renren up about 40%, Jianan Yunzhi and Xunlei up more than 30%, and both stocks have risen 280% so far this year; the ninth city has risen 24%, and has risen 2126% so far this year, and Cheetah mobile and China Netcom have risen more than 13%.
“Bitcoin’s market value of $1 trillion is the most exciting news of the year.” Naeem Aslam, chief market analyst at avatrade, wrote in an email.
Bitcoin was created 12 years ago by Satoshi Nakamoto, and the recent rise of this digital asset is attributed to the growing interest of institutional investors in bitcoin and other crypto backed assets.
Earlier this month, Tesla (Stock Code: tsla), owned by Elon Musk, the world’s richest man, said it had bought $1.5 billion worth of bitcoin in January and that it might accept bitcoin payments in the future, rekindling enthusiasm for the digital currency. On Thursday, musk further explained his reason for investing in bitcoin, saying that the decision “is just a form of liquidity that is not as stupid as cash, and represents a kind of enough risk-taking spirit for a S & P 500 company.”.
In recent weeks and months, other companies and institutions, including payment service provider PayPal (Stock Code: pypl), have expressed their support for bitcoin, thus driving its price up sharply. In November, PayPal opened its cryptocurrency platform to all U.S. customers.
Several well-known Wall Street investors, including Stanley Druckenmiller and Paul Tudor Jones, have accepted bitcoin, while Bill Miller, the well-known investor and founder of Miller value partners, has accepted bitcoin Miller also published a letter to clients on the company’s website earlier this month, reiterating his optimistic stance on the prospects of the currency.
It is worth noting that although bitcoin has seen a parabolic rise in recent years, its dominant position in the digital money market has declined. Its share in the overall value of the market is only about 60%, lower than the recent peak of about 70% at the beginning of this year. This may indicate that, like bitcoin, other cryptocurrencies such as Ethernet have also attracted strong interest from buyers.