The year 2021 has been a booming era for cryptocurrency especially Bitcoin. For the very first time in many years, the currency has reached a high level of $1 trillion in terms of market cap. In January 2020 there was a sudden spike in the crypto markets causing a 60% increase in the BTC value.
The growth of crypto market has startled prominent figures in the traditional finance space. With the exponential increase in Bitcoin’s value, many people have changed their minds to invest in crypto products. It was quite unexpected and impressive for the coin to hype up to such high levels since the top coin had some evidence dips and seemed to be struggling at times.
Bitcoin Beats Visa, Mastercard, and PayPal
As the market cap of the top digital currency makes its path above $1 trillion, the financial experts are comparing it with financial giants in the traditional sphere. Bitcoin has surpassed Visa, Mastercard, and PayPal in market capitalization. However, payment giant PayPal also added support of cryptocurrency which also insisted many payment companies to join the crypto space. This has created limelight for Bitcoin creating a competitive spot for the top coin in the fiat market.
According to market experts, Bitcoin would surpass even Google in market cap if the price continues to go up. It recently overturned Tencent, China-based tech giant.
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Trend of Investing in Bitcoin
Bitcoin has increased in price value and market cap thanks to giant financial companies that invest in cryptocurrency in large amounts. The prominent acceptance of Bitcoin by famous investors and companies like Tesla has triggered the market cap graphs heavily.
The heavy investment in the Bitcoin started after Elon Musk, CEO of electric car manufacturer Tesla, bought Bitcoin worth $1.5 billion. Recently, Musk suggested in a tweet that “Investing in crypto is a less ignorant way of having liquidity in your assets in comparison to cash.”Mastercard, recently, unveiled that it would also add cryptocurrency in its payment operations.
At press time, Bitcoin is trading at $56,217 after an increase of 0.60% in the past 24-hours. In the past seven days, the leading digital coin has also increased by more than 15%.
