Bitcoin’s price hit another all-time high at $ 29,700 on Friday, after the world’s most popular digital currency jumped nearly half in just two weeks and nearly quadrupled in value this year.
Continuing its upward rally amid heightened interest from larger investors, traders are now looking at the psychological level of $ 30,000 per bitcoin sooner rather than later.
As a result, the latest gains brought the combined value of all Bitcoin tokens in circulation to $ 543 billion for the first time, according to industry website CoinMarketCap.
Bitcoin’s market capitalization now exceeds the $ 482 billion cap at Visa, the world’s largest financial services company. Not only Visa, but Bitcoin is also more valued than the biggest publicly traded companies like Berkshire’s Hathaway Warren Buffett ($ 542 billion), Samsung ($ 481 billion) and Walmart ($ 407 billion).
At this price, the # 1 cryptocurrency claimed the 9e the highest market capitalization of all assets, behind Alibaba and Tesla.
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Bitcoin takes on Berkshire Hathaway, led by legendary investor Warren Buffett who previously dismissed Bitcoin as “the squared rat poison” and said cryptocurrencies “will take a bad end.”
Bitcoin has seen an unprecedented rise this year, but no single event seems to be the main reason for the upward streak that has pushed its price to break new records almost every day.
Overall, Bitcoin saw demand from retail investors after outperforming other traditional investment assets, as well as growing speculation that it would become a mainstream payment method. Investors with deep pockets have also been drawn to its perceived qualities as an inflation hedge and safe haven and its potential for quick wins amid some positive developments around the cryptocurrency.
Among other factors that have supported its recent record gains, PayPal has officially entered the cryptocurrency market. In addition, a number of large institutional investors have shown interest in investing in cryptocurrency related products.
The other major cryptocurrencies, which tend to move in tandem with bitcoin, were stable. Ethereum, the second largest, rose 0.5%, after registering a gain in 2020 of around 450%