Bitcoin zoomed back to its two-week high, rallying over US$ 54,500 in early Tuesday morning trade as Wall Street investors went bullish on crypto assets.
The top electronic currency token soared over 7 per to US$54,500 and reclaimed its market cap of US$ 1 trillion. The digital currency has been making a buzz across North American markets since Tesla invested more than a billion in it. Last month, two bitcoin ETFs were launched as more institutional investors show interest in cryptocurrencies.
As per Crypto analysts, Gen-Z and millennials’ crypto FOMO (Fear Of Missing Out) has also been leading this bitcoin frenzy.
Some fintech analysts expect that Bitcoin could cross U$100,000-mark this year.
Meanwhile, Coinbase revealed its market value is US$ 90 billion, up over 11X compared to its last reported market value of US$ 8 billion in 2018. The US-based crypto exchange is likely to go public by March-end, claim media reports. It will become the crypto exchange to be listed in the world.
Image Source: Kalkine Group @2021
Meanwhile, New York Digital Investment Group LLC, a Bitcoin-related FinTech firm, disclosed on Monday that it has raised funding worth US$ 200 million from institutional investors such as Morgan Stanley, Stone Ridge Holdings Group, Soros Fund Management, etc. The company also stated that the world’s largest crypto coin’s popularity is gaining momentum among the mainstream investors.
Important Crypto Market Development
On Monday, developers of Ethereum, the second largest crypto token, announced curtailing the total supply by disposing of a chunk of outstanding Ethers – a first in the entire history of the crypto market.
Once this process is initiated, the Ether may witness a stellar rise in value.
Ethereum has returned nearly 147 per cent year-to-date, outperforming Bitcoin that has grown 87 per cent this year. Its total current supply stands at 114.97 million Ethers, with a current market cap of US$ 209 billion. In contrast, Bitcoin holds a current total supply of 18.65 million tokens.
The overall crypto industry market cap stands at U$ 1.68T, a rise of 6.87 per cent over the past 24 hours.