Bitcoin Tops $1 Trillion in Value again as the Price of Cryptocurrency Jumps

Bitcoin Top $1 Trillion in value again as the price of cryptocurrency jumps

Bitcoin’s value surpassed $1 trillion – again – on Tuesday as the price of the cryptocurrency jumped. Bitcoin hit a 24-hour high of $54,348.57 in early afternoon Singapore time, around 7% higher than the same time a day before.

Bitcoin has since pared some of those gains. It is only the second time that bitcoin’s value has surpassed $1 trillion after hitting that milestone for the first time on Feb. 19.

The cryptocurrency’s market cap held above $1 trillion for a few days, before falling below that mark. What caused the recent rally in bitcoin? Even though bitcoin is sitting off of its all-time high of $58,332.36, it has seen a huge rally. The digital currency is up over 80% this year and 570% higher over the last 12 months.

Bitcoin’s rally has been attributed to several factors including participation from larger institutional investors and some notable purchases from corporations. Tesla, Square, and Microstrategy are among the companies that have purchased bitcoin.

On Sunday, a Chinese app-maker called Meitu said that it had purchased not only bitcoin, but another cryptocurrency called ether too. Ether, a cryptocurrency that runs on the Ethereum network, was trading at $1,836.73 at around 10:41 a.m. Singapore time, up nearly 7% from a day before, according to CoinDesk.

Also See: Bill Gates Says that Bitcoin is bad For the Planet

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