Bitcoin surpasses $51,000 to become the world's tenth most valuable asset.

Ritu13

2022 was undoubtedly a challenging year for the cryptocurrency market. Especially for Bitcoin, the world's most famous cryptocurrency, which experienced significant fluctuations. With the collapse of TerraUSD and the FTX trading platform, the entire cryptocurrency market saw nearly $1 trillion evaporate during the so-called "cryptocurrency winter." In December 2022, the price of Bitcoin fell to below $17,000, a significant drop from its historical high of nearly $69,000 a year earlier.

However, in 2023, the price of Bitcoin gradually recovered, showing a slow and steady growth trend with an increase of over 150%. Last month, the price of Bitcoin surpassed $45,000, reaching its highest level in 21 months, and has since continued to rise. According to the Wise Finance app, on Wednesday, the price of Bitcoin surpassed $51,000, its highest level since November 2021. At the same time, the market capitalization of Bitcoin (the total value of all circulating bitcoins) exceeded $1 trillion for the first time.

In January 2023, the U.S. Securities and Exchange Commission (SEC) approved Bitcoin exchange-traded funds (ETFs), and despite a brief decline in Bitcoin prices thereafter, demand for ETFs has remained high. ETFs allow investors to purchase products that track the price of Bitcoin without directly holding Bitcoin itself, increasing investors' avenues and flexibility for Bitcoin investment.

Furthermore, anticipation for the Bitcoin halving event expected to take place in April has further boosted Bitcoin's price. The halving event occurs every four years and reduces the Bitcoin rewards miners receive, which historically leads to an increase in Bitcoin prices.

Bitcoin's strong performance has also driven up the prices of other cryptocurrencies, and the total value of the entire cryptocurrency market is now close to $2 trillion.

This is undoubtedly good news for cryptocurrency holders.

Comments from the financial blog Zerohedge pointed out that Bitcoin's market capitalization has surpassed that of many globally renowned companies such as Tesla and TSMC, making it the world's tenth most valuable asset. This achievement signifies the increasing importance of Bitcoin and its underlying blockchain technology in the global financial market.

Shri

This value is also very high.

Samiksha

Not bad, now I also use this trading platform.

Ritu77

You don't really need so many trading platforms, one is enough.

Sona59

Indeed, trading platforms generally choose ones that they can trust.