Bitcoin has been raving as of recent weeks. And the rally continued all weekend. It recently surpassed the benchmark of 50k dollars per token. But it hit even newer highs yesterday. Following Tesla’s 1.5 billion dollars worth of investment, the token has been surging almost violently. And this resulted in the market capitalization of the oldest cryptocurrency in the world beyond 1.2 trillion dollars. This has had an effect on the entire cryptocurrency industry, as the market has kept surging as well. It broke its record for a monthly gain unmatching previous high performances.
In the last 24 hours, Bitcoin has surged wildly, with 9% gains. This racks up its weekly gains to 20%. The price reached an unprecedented 57,350 dollars in cost. But the cryptocurrency market saw a massive surge following this. Ethereum as well as Binance rank as the second and third biggest crypto tokens in the world, respectively. Ether gained a 13% hike where Binance shot 120% high in the last week.
These performances from prominent cryptocurrency firms have resulted in the rise and broadening of the cryptocurrency market as a whole.
Institutional Investment In Bitcoin
Tesla bought a massive amount of Bitcoin earlier this month. It resulted in a hike of institutional investors taking an interest in the oldest cryptocurrency in the world. Several researchers of the industry have said that the flood of the crypto market is due to this.
Several firms like MicroStrategy raised about a billion dollars on Friday in Bitcoin. It is one of the oldest institutions and biggest as well to put money in the digital coin.
Toronto Stock Exchange saw an opening of 200 million dollars from investors for Bitcoin in two of its leading exchanges for BTC. Elon Musk also indicated that cryptocurrency or Bitcoin could be used as better security than gold during inflation.