The price of Bitcoin (BTC) surges to a new all-time high above $55,000 while pushing the total market capitalization above $1 trillion, according to crypto analytics platform CoinGecko. The valuation of the total money in the world amounts to around $95 trillion, with BTC representing about 1% of that. Speculators, corporate treasurers, and institutional investors are mainly attributed for causing the market cap of the flagship cryptocurrency to jump to an all-time high. Bitcoin Added More than $450 Billion of Market Cap in 2021 Alone Market capitalization refers to the total number of cryptocurrencies currently in circulation multiplied by their current market price. It means the combined worth of all existing Bitcoin in valuation. The flagship cryptocurrency has added more than $450 billion in 2021 to about $1 trillion. The price of the leading cryptocurrency has more than quadrupled over the past year. For instance, it took just less than two months to reach an all-time high above $55,000 from the price of $25,000 by the end of December 2020. The price valuation has been fueled mostly by the increased adoption of bitcoin by major investors and companies. For instance, the oldest bank in the United States, the Bank of New York Mellon, has announced earlier on providing cryptocurrency services. Meanwhile, earlier this year, Elon Musk’s Tesla announced on converting some of its balance sheet cash into bitcoin and that it would start accepting the digital tokens as payment. Bitcoin’s Price Surged More than 60% this Month Bitcoin’s price has surged more than 60% this month alone. This has been mainly spiked in part by a $1.5 billion investment by Tesla disclosed on February 8. Recently, business intelligence company MicroStrategy announced a $900 million debt offering to even buy more bitcoin. Bitcoin has gained nearly 80% YTD, and the bullish market cycle isn’t showing any signs of stopping. A year ago, the market cap of Bitcoin was $178 billion.
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