Bitcoin hits $1 trillion market cap, surges to fresh all-time peak

The world’s most popular cryptocurrency jumped to an all-time high just below $55,772, posting a weekly jump of 13%

Topics


Bitcoin | cryptocurrency | Bitcoin surge

Bitcoin touched a market capitalisation of $1 trillion as it hit yet another record high on Friday, countering analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices.

The world’s most popular cryptocurrency jumped to an all-time high just below $55,772, posting a weekly jump of 13%.

It has surged roughly 66% so far this month and was last up 6.8% at $55,079.

Bitcoin’s gains have been fueled by signs it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon .

All digital coins combined have a market cap of around $1.7 trillion.

“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’s still growth of 4X, or $200,000. So I don’t know when it stops rising,” he added.