The cryptocurrency market is on the rise once again since the start of this week. The entire crypto market has added $100 billion in the last 24 hours as Bitcoin jumped above $54,000 for the first time in two weeks. The second-leading cryptocurrency Ethereum also posted strong gains as ETH crossed $1,850 on Tuesday. The recent crypto surge has mostly been attributed to increased institutional interest.
Bitcoin now has a market cap of more than $1 trillion.
Bitcoin now has a market capitalization of more than $1 trillion. The cryptocurrency’s market dominance currently stands at around 60.4%. Earlier, bitcoin registered an all-time high of $58,000 on 22 February after a surge in demand from retail and institutional investors. The recent rise in the crypto market has mostly been accompanied by increased institutional interest, which has been on the rise since the start of 2021. Several major companies, including the likes of Tesla, have invested in the leading cryptocurrency recently. Bitcoin has witnessed a massive rally this week and is expected to keep on rising in the short term.
Chinese tech firm Meitu purchases $40 million worth of bitcoin and ethereum.
As reported earlier, Meitu, a leading Chinese app developer, announced that the company had purchased $40 million worth of cryptocurrency assets, including 15,000 Ethereum and 379 Bitcoin. The tech firm added that the recent purchases were made as a part of the cryptocurrency investment plan previously approved by its board of directors. According to the official announcement, Meitu purchased $22 million worth of Ethereum and $17.9 million worth of Bitcoin on 5 March 2021. The Chinese firm further mentioned that it could make a net purchase of up to $100 million worth of cryptocurrency assets under its crypto investment plan.