Bitcoin (BTC) value exceeds $ 1 trillion for the second time freebitcoinus.xyz

Bitcoin (BTC) value exceeds $ 1 trillion for the second time freebitcoinus.xyz

  • Bitcoin's value briefly surpassed $ 1 trillion on Tuesday as the price of the cryptocurrency jumped.
  • The price of the digital coin surged on Tuesday and its market cap surpassed $ 1 trillion Singapore time in the middle of morning trading.
  • This is only the second time that the value of bitcoin has surpassed $ 1 trillion since it first hit that milestone on February 19.

Bitcoin's value surpassed $ 1 trillion on Tuesday as the price of the cryptocurrency jumped.

According to CoinDesk, the price of the digital coin surged on Tuesday and its market cap surpassed $ 1 trillion in mid-morning Singapore time trading.

Bitcoin accelerated this gain, reaching a 24-hour high of $ 54,348.57 at noon Singapore time, up about 7% from the same time the day before. Bitcoin has since cut some of those profits.

This is only the second time that the value of bitcoin has surpassed $ 1 trillion since it first hit that milestone on February 19. Bitcoin's market capitalization held above $ 1 trillion for several days before falling below that mark.

Despite being at an all-time high of $ 58,332.36, Bitcoin has experienced a huge rally. Digital currency is up over 80% this year and up 570% over the past 12 months.

Bitcoin's rise has been attributed to several factors, including the involvement of larger institutional investors and some notable corporate buying. Tesla, Square, and Microstrategy are among the companies that bought bitcoin.

On Sunday, Chinese app maker Meitu revealed that it has acquired not only Bitcoin, but also another cryptocurrency called Ether. According to CoinDesk, Ether, the cryptocurrency that operates on the Ethereum network, traded at around 10:41 Singapore time at $ 1,836.73, up almost 7% from the previous day.

Companies are also making acquisitions in the cryptocurrency space. PayPal on Monday said it would buy cryptocurrency security firm Curv.

Beat supporters

Bitcoin proponents often compare it to digital gold,a hedge against inflation and a potential safe haven where investors can leave their money during political or economic turmoil.

Some argue that loose monetary policies, such as low interest rates and asset purchases by central banks around the world, are driving down the value of fiat currencies such as the US dollar and 

Bitcoin (BTC) value exceeds $ 1 trillion for the second time freebitcoinus.xyz

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