▲ Bitcoin price trend. The highest peak on the 9th (local time) was $54,039.37. Source CoinDesk
The market capitalization of Bitcoin, a cryptocurrency leader, again exceeded 1 trillion dollars (about 1140 trillion won).
According to CoinDesk on the 9th (local time), the bitcoin price hit $54,029.85 as of 11:35 am on the day. This is a 7% increase from the previous 24 hours.
This is the second time since the market cap exceeded $1 trillion for the first time on the 19th of last month. Bitcoin price has risen more than 80% this year and has jumped 570% over the past year. Bitcoin’s highest so far is $58,333.36.
Bitcoin price has risen due to the entry of the’big hand’ institutions and companies into the market. Electric car maker Tesla, mobile payment company Square, and software maker MicroStrategy have stepped up to buy bitcoin, encouraging investor sentiment.
On the 7th, Chinese beauty app May2 also announced that it has invested 40 million dollars in Bitcoin and Ethereum.
Related mergers and acquisitions (M&A) are also active. PayPal, an online payment company, announced the day before that it is pursuing the acquisition of a cryptocurrency consignment company’Curve’.
Bitcoin advocates refer to Bitcoin as’digital gold’ and regard it as an asset haven in case of emergency, such as a means to hedge inflation and political and economic turmoil.
In addition, as the central bank’s easing monetary policies such as asset purchases and low interest rates have lowered the dollar value, Bitcoin is recognized as an alternative investment destination.