Bitcoin Surpasses $1 Trillion in Market Capitalization

At over $54,800 per Bitcoin, the most popular cryptocurrency in the world has surpassed $1 Trillion in market capitalization.

The news follows a surge in many cryptocurrencies in the last several months including gains in Ethereum, Litecoin, Stellar Lumens, and Compound currencies.

There are 18.6 million bitcoin tokens in circulation—a number which will not grow much larger due to an anti-inflationary principle built in to the system.

The value of Bitcoin has doubled in the less than two months in 2021, driven by the inflationary US dollar and investment interest from the likes of Tesla’s Elon Musk, who said the company had added $1.5 billion of Bitcoin to its balance sheet in January.

Interest in cryptocurrency marketplaces such as Coinbase has also increase, leading to increased prices.

Sources

https://www.coinbase.com/price

Bambrough, Billy. “Bitcoin Price Rockets After Elon Musk’s Tesla Reveals It Bought $1.5 Billion Worth Of Bitcoin” https://www.forbes.com/sites/billybambrough/2021/02/08/bitcoin-price-rockets-after-elon-musks-tesla-reveals-it-bought-15-billion-worth-of-bitcoin/?sh=47cac5675b63

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