Bitcoin’s madness seems to be still on going after recording a new unprecedented high of more than $56,000. Its market value exceeded the trillion dollar barrier for the first time in its history.
On Friday evening, Bitcoin reached $56,000, up by 8.4%, the highest level ever, according to CoinMarketCap.
The market value of Bitcoin exceeded one trillion dollars, to reach $1.042 trillion, for the first time ever.
The market value of all digital currencies combined is about $1.703 trillion, compared to $1.6 trillion 24 hours ago.
Bitcoin continues to break through a number of record levels in succession, and in short times. The cryptocurrency experienced a rapid movement within days as its value $53,000 before yesterday.
This is in light of profits exceeding 70% since the beginning of February of the year 2021, as a result of the interest of companies and major organizations to deal in the cryptocurrency Bitcoin.
Bitcoin is achieving gains, defying the fears of many market regulators, amid warnings about the currency’s solidity and speculation.
A number of analysts and financial experts had issued their warnings that Bitcoin was a fake hedge against the decline in stock prices.
Eric Rosengren, president of the Federal Reserve Bank of Boston, USA, said that Bitcoin’s winning streak will eventually come to an end.
Rosengren said Federal banks in his country have discussed the possibility that the US has its digital currency, and that the step will be taken, but with great caution.
In the same context, Andrew Bailey, governor of the Bank of England, said in January that any existing digital currencies would not last in the long term.
was only a little better than holding conventional cash said Elon Musk, CEO of Tesla, defending his company’s $1.5 billion investment in the cryptocurrency.
Bitcoin was launched in 2009, through a person called Satoshi Nakamoto. The cryptocurrency originated through a complex computer process, and then it was monitored by a network of computers around the world.