Bitcoin Again Scales In M-Cap To Over $1Trillion

As the optimism in financial markets resurfaced with the push in the US Covid 19 stimulus and softening of treasury yield, bitcoin continues to run-up for fourth straight day and has again hit levels above $1 trillion in market value. The largest cryptocurrency surged 5.2 percent before scaling to $57000 as at 12:23 pm in New York. In February 2021, the bitcoin recorded its highest price of $58350.

Bitcoin Again Scales In M-Cap To Over $1Trillion

The gains in the digital coin have been seen despite US consumer prices rising less than expected for the February month, implying that broader inflationary pressures are somewhat modest. Also, the advocates of bitcoin consider the investment option as a hedge against any future surge in inflation.

Now, even as the $1 trillion mark in market cap for bitcoin is significant, the case has been made that since bitcoin is neither an asset nor a company, according market-cap shall not be an accurate representation. And investors, without any assets that companies have or government support invests into bitcoin, says all about their faith in the cryptocurrency's network.

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