Infotech

The bitcoin market exceeds $ 1,000 billion



Posted on Feb 21, 2019 2021 at 15:28Updated 21 Feb. 2021 at 16:36

The crazy boom in bitcoin continues. The first of the cryptocurrencies closed at a new all-time high on Saturday at over $ 56,500, just days after crossing the $ 50,000 threshold for the first time. Sunday, she still gained 1% in session. Enough to take it to a new symbolic level: the value of all bitcoins in circulation, just over 18.6 million according to the counter of the coinmarketcap.com site, now exceeds 1,000 billion dollars.

This is the equivalent of more than three LVMHs. The global luxury giant, the largest European capitalization, is worth 331 billion dollars on the stock market. The bitcoin market has exceeded Tesla’s valuation (750 billion) and is now approaching that of the behemoths of “Big Tech”, starting with Google (1.400 billion). It must be said that bitcoin had an exceptional start to the year. The digital currency has almost doubled in value since early January when it was still trading for less than $ 30,000. By way of comparison, the high-tech Nasdaq index has gained less than 8% in the meantime.

Extreme volatility

Bitcoin’s spectacular journey leaves even some of its most ardent supporters speechless. Elon Musk, the boss of Tesla and one of the gurus of the American stock marketers, has judged the price of bitcoin “high” following its recent surge. Yet it played a leading role in its mad rush, with Tesla acquiring $ 1.5 billion worth of bitcoin in January, becoming one of the first companies to bet on widespread adoption of cryptocurrency.

However, bitcoin remains extremely volatile. Since the start of the year, it has seen daily increases or decreases of more than 5% on 21 occasions, four of which are more than 10%. Not enough to curb the enthusiasm of the major global financial institutions, attracted by the continuous rise in virtual currency in recent months. From JP Morgan to asset management giant BlackRock, projects linked to the queen of cryptocurrencies are multiplying on Wall Street.

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