Bitcoin, as with the crypto market, has witnessed a mixed fortune in the last few days. BTC price had oscillated from ATH of over $58,000 to under $40,000.
But since this week, the price of the leading cryptocurrency has been on the rise. In the past 24 hours, the crypto market has added $100 billion. Bitcoin price have now crossed $54,000, the first time in about two weeks. Ethereum too is not left out in the price rally as ETH price edged past $1,850.
Once again, the market cap for Bitcoin is in excess of $1 trillion, with BTC responsible for over 60% of that. Due to a huge interest from individual and corporate investors, Bitcoin price shot up to an ATH of $58,000 in February. Interests in the leading crypto asset by market cap from corporate investors has been on the rise since the start of the year. Square, MicroStrategy, Tesla, Meitu and Aker ASA have all invested heavily in Bitcoin.
Market cap price had gone from $1.55 trillion to more than $1.65 trillion in under 24 hours. Since the start of 2021, the crypto market has moved up by over $900 billion. The surge in DeFi-based projects and NFTs were largely responsible for this.
Bitcoin and Other Crypto Assets are Going Mainstream
The last couple of months have seen large scale adoption of crypto by both institutional and retail investors. Payment behemoth, Paypal, led the way in this by accepting cryptocurrencies on its platform late last year. This was quickly followed by Mastercard’s announcement that it would be accepting cryptocurrencies by ending of 2021.
In February, Tesla invested $1.5 billion in BTC. And from then on, a lot of blue-chip companie and hedge fund managers have invested heavily in Bitcoin and now consider it as a better store of value. Several other companies are mulling over adding cryptocuurencies to their books.