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Bitcoin Hits $1 Trillion Mark and New All Time High

Bitcoin Hits $54,000 as Elon Musk backs crypto against fiat

On 19 February 2021, World's largest cryptocurrency made history by making a new all time high of $54,000 on Bitmex and on many other exchanges almost touched over $53,900. Bitcoin also made history today with hitting the milestone of $1 Trillion market cap leaving behind many companies' market cap and countries GDP.

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Bitcoin market cap is now over many big countries GDP's like Saudi Arabia ( $0.8 T GDP) and Switzerland ( $0.7 T GDP) and also beating many big companies market cap like Tesla , Facebook, Alibaba etc. At the time of writing, bitcoin price trading around $53,900. Experts are expecting the parabolic move towards $60,000 in coming months.

Recent push in bitcoin came after the tweet from world's richest man Elon Musk which pushed the bitcoin price to over $53,000. Musk wrote :

“Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P 500 company,”

He also added that Tesla’s decision to buy Bitcoin doesn’t directly reflect his opinion. In 2021, Bitcoin has given more than 90% return. Many factors contributing in this rally and one of the important factors are post covid increasing interest by institutions for buying bitcoins and accepting payments in it. #Bitcoin #BTC


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