The recent price spike puts Bitcoin’s market cap at $ 600 billion from Amazon. The recent announcement by the CEO of Tesla, Elon Musk, that he planned to sell 10% of his Tesla shares could have contributed to the volatility of the cryptocurrency over the weekend, when the crypto asset rose more than 4%, going from 62,941 to 65,512 dollars in less than two hours.
Bitcoin’s market capitalization already exceeded the total value of many national currencies. In February, the crypto asset surpassed the Russian ruble, likely in response to Tesla’s announcement that it had bought a total of $ 1.5 billion worth of BTC. Bitcoin’s market capitalization also briefly outperformed the Swiss franc in October.
The price of Ether (ETH) has also risen to more than $ 4,800 for the first time in the token’s history, with a market capitalization of more than $ 565 billion, more than $ 400 billion per year. ahead of the third cryptocurrency, Binance Coin (BNB). The gains from the two assets have helped the total cryptocurrency market capitalization rise to more than $ 3 trillion.
Bitcoin’s recent strong gains come after the first Bitcoin Futures Exchange Traded Fund went public last month. The Bitcoin network is set to implement a major network update called “Taproot” this week. It would be the first major protocol update for the cryptocurrency since 2017 and is expected to improve the currency’s privacy, efficiency, and smart contract capabilities.
Source From: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
