The world’s leading cryptocurrency continued to extend its gain as its price jumped to an all-time high of $56,399.99, posting a weekly gain of 14%. The price of bitcoin has surged nearly 70% alone this month. At the time of writing, the BTC is changing hands at just above $55,700. Bitcoin’s recent gain has been fueled by big institutions showing interest in the leading cryptocurrency. Bitcoin is continuing to gain mainstream exposure amid the ongoing massive winning rally.
The entire crypto market cap reaches $1.7 trillion.
The entire market cap of all cryptocurrencies combined has reached nearly $1.7 trillion. Alone, bitcoin’s market cap has reached $1 trillion for the first time. The price of bitcoin had reached as low as $4,000 in March last year, but now it has reached over $55,000 with the recent massive bullish run that the cryptocurrency has ever witnessed. Bitcoin has surged more than 92% this year. Ether, the second-largest cryptocurrency by market capitalization and daily volume, hit a record $2,040.62, for a weekly gain of about 12%.
Bitcoin’s gain has been fueled by institutional interest.
Bitcoin’s gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc, and BNY Mellon. Tesla had invested $1.5 billion in the leading cryptocurrency earlier this month, which sent bitcoin price surging past $50,000 and reached new all-time highs. Following Tesla’s move into bitcoin, several other major companies also announced their interest in the cryptocurrency. International payment giant Mastercard also announced its plan to allow its users to deal in certain cryptocurrencies. As reported earlier, Elon Musk defended Tesla’s move into bitcoin, saying that the leading cryptocurrency is slightly better than fiat.