Bitcoin Scales New Highs Of Over $54000, Taking M-Cap To $1 Trillion

Extending 2 months' rally, bitcoin prices have now scaled to $56500, taking year to date gains to 92 percent. And the jump for the week has been at a good 18 percent.

Bitcoin Scales New Highs Of Over $54000, Taking M-Cap To $1 Trillion

On Friday, the price of bitcoin scaled to a new high of over $54000, taking the gains to more than 11 percent. On a monthly basis, the jump in bitcoin prices has been 64 percent.

Largely, the gains in the digital toke have been propelled by its wider adoption from institutional players including BNY Mellon , Mastercard and Tesla among others.
"If you really believe there's a store of value in bitcoin, then there's still a lot of upside," said John Wu, president of AVA Labs, an open-source platform for creating financial applications using blockchain technology.

"If you look at gold, it has a market cap $9 or $10 trillion. Even if bitcoin gets to half of gold's market cap, that still growth of 4X, or $200,000. So I don't know when it stops rising," he added.

Despite the upward move, analysts remain skeptical of this meagerly regulated and highly volatile asset.

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