Bitcoin Market Value Shoots Past $1 Trillion Amid Tesla-Fueled Resurgence

Bitcoin

Following a $1.5 billion investment by Tesla and a wave of institutional interest, the market capitalization of the world’s first and largest cryptocurrency has surged past $1 trillion Friday for the first time ever, as experts eye booming adoption.

Shortly before 11 a.m. on Friday, the price of bitcoin jumped nearly 3% for the day, hitting a new high of $53,672 and for the first time ever nabbed a market capitalization of more than $1 trillion, according to crypto data firm CoinMarketCap



Bitcoin’s price has surged more than 60% this month alone, boosted in large part by a $1.5 billion investment by Tesla disclosed on February 8.

CRUCIAL QUOTE

“Bitcoin hitting new highs and moving past the $52k threshold is significant and ultimately speaks to a broader crypto ecosystem morphing behind the scenes,” Wedbush Analyst Dan Ives said in a note to clients Friday. “Given its still-nascent and volatile nature, we believe less than 5% of public companies will head down the bitcoin investment path in some capacity over the next 12 to 18 months, but could move markedly higher as more regulation and acceptance of this currency takes hold further down the road.”

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