Bitcoin finally jumped above the market cap of $1 trillion this week for the first time since mid-May 2021. According to JPMorgan, the rising interest from institutional investors played a major role in the latest BTC rally. According to a report published by Markets Insider, the research note from JPMorgan states that institutional investors consider Bitcoin as a better inflation hedge than gold. JPMorgan also highlighted the positive impact of El Salvador’s recent Bitcoin adoption.
The price of Bitcoin is up by nearly 25% in the last 7 days.
Bitcoin is up by nearly 25% in the last 7 days. BTC touched the high of approximately $55,000 on Thursday, its highest level since 12 May 2021. The world’s largest cryptocurrency is currently trading near $54,000 with a market cap of $1.01 trillion. “The recent assurances by US policymakers that there is no intention to follow China’s steps towards banning the usage or mining of cryptocurrencies. El Salvador’s bitcoin adoption helped the recent rise of the Lightning Network and 2nd layer payments solutions, and the re-emergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge,” JPMorgan said in its research note.
Bitcoin’s adoption has increased substantially in 2021.
The adoption of the world’s leading cryptocurrency increased substantially in 2021. The total number of BTC users nearly doubled within the first six months of the year. During the BTC market correction earlier in June, Nikolaos Panigirtzoglou, JPMorgan’s global market strategist, said that the institutional interest in Bitcoin had dried up. The recent report from JPMorgan indicates that the institutional investors have started accumulating the world’s largest cryptocurrency again above the $50,000 price level.