All Eyes on Bitcoin
The original cryptocurrency hit another milestone; and Bitcoin’s price rally continues. The digital asset crossed $60,000 for the first time on Saturday, weeks after setting a new record at $50,000.
Bitcoin has experienced a dramatic ascent over the last few months. Its surge intensified when it crossed $20,000 back in December, three years after topping out at around $19,600. The event was widely discussed around the world as eyes turned to the cryptocurrency space once again.
It then doubled in price in under four weeks, leading to a sustained price surge across the entire cryptocurrency market. On Feb. 16, it crossed the major psychological resistance at $50,000. Now a trillion-dollar asset class, various analysts have pointed to the six-figure mark as another key milestone. Many of them have pointed to Bitcoin’s “digital gold” value proposition. Gold's market cap was around $10 trillion at time of writing.
Bitcoin’s rise has partly been fueled by increasing interest among institutional investors. MicroStrategy (NASDAQ:MSTR), Tesla (NASDAQ:TSLA), MassMutual, and other corporate giants have all recently announced investments in the asset.
Bitcoin is currently the world’s sixth-largest asset, trailing only Apple (NASDAQ:AAPL), Saudi Aramco (SE:2222), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Alphabet (NASDAQ:GOOGL). If it hits $100,000, Bitcoin would take the third spot on the leader board.
At time of writing, Bitcoin was trading at $60,196. Its market cap was roughly $1.12 trillion.