Bitcoin market hits $1.0-trillion in value

Cryptocurrency bitcoin. AFP/Ozan Kose

LONDON - The total value of all bitcoin topped $1.0-trillion on Friday, capping a spectacular record-breaking week for the world's most popular cryptocurrency.

With more than 18.6 million bitcoins created since the digital currency was launched in 2009, the entire market is now worth $1.002-trillion, according to data provider Coinmarketcap.com.

"This is certainly big news for the industry and this would not have been possible without the involvement of smart money," said AvaTrade analyst Naeem Aslam.

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"The reason that one trillion dollar market cap is significant because not many believed that bitcoin can achieve this. Now, we have a real number which is massive in size and we are going to get more investors joining this rally," he added.

Bitcoin has set a blistering record pace, blasting past $50,000 on Tuesday, a week after Tesla revealed it had invested $1.5-billion in the unit.

Investors and Wall Street finance giants have been wooed by dizzying growth, the opportunity for profit and asset diversification, and a safe store of value to guard against inflation.

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"The payment integration and store of value are the factors which are driving the price higher and as long as this support remain in place, we are likely to have even bigger headlines," added Aslam.

The cryptocurrency also vaulted higher after both New York bank BNY Mellon and credit card titan MasterCard announced plans last week to support bitcoin.

Source
AFP

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