market cap hits two-week high

 market cap hits two-week high

Cryptocurrency prices are bouncing as more companies enter space.

Tesla Elon Musk announced in February that it would begin accepting Bitcoin payments in exchange for its products, including their electric cars and solar panels.

Emily Nicole

The value of the world's largest cryptocurrency surpassed $ 1 trillion for the second time after a jump in the price of digital assets.

Bitcoin's price surged to a seven-day high of $ 54,457 just after 6 AM GMT on March 9, bringing its market capitalization to over $ 1 trillion. The coin's value has risen more than 8% in the last 24 hours and more than 80% this year.

This is only the second time a cryptocurrency has had the same market cap as some of the world's largest tech companies, having previously hit the February 19 mark and only held it for a few days.

Institutional interest in bitcoin came in earnest after Tesla Elon Musk bought $ 1.5 billion in crypto in February to add to his portfolio. Musk later added that "when a fiat currency has a negative real interest rate, only a fool will not look elsewhere."

READ Bitcoin Chances To Reach $ 100,000 In 2021 Fall As Kanye West Tips To Buy $ 100 Million

Ether, the cryptocurrency on the Ethereum network, has also surged over 7% in the last 24 hours to $ 1,800. Both coins benefited from the emergence of Chinese cosmetics firm Meitu, which said on March 7 that it had bought $ 40 million in two currencies, CNBC reported.

Other recent bets in this area include PayPal, which announced on March 8 that it will acquire Israeli crypto security firm Curv. PayPal intends to integrate the startup into its cryptocurrency division as it seeks to provide support for buying, selling and storing cryptocurrencies in the future.

Banks like JPMorgan, Goldman Sachs and BNY Mellon have shown support for cryptocurrency and blockchain development this year, and Goldman intends to rebuild its cryptocurrency service from mid-March.

READ HSBC, JPMorgan among crypto and blockchain banks - here is the list

In the week leading up to March 8, CoinShares data showed that 90% of digital asset inflows were Bitcoin. Daily cryptocurrency trading volumes remain high, averaging $ 11.8 billion in 2021, up from $ 2.2 billion in 2020.

market cap hits two-week high

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