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Market Digest Nigeria

Finance

Bitcoin hits $64,516 breaks trillion-dollar record

Bitcoin hits $64,516, breaks Microsoft, Apple, Amazon, Google trillion-dollar record.

Cryptocurrency, Bitcoin is on a bullish run as government policies against it across the world, including Nigeria, seem unable to stop the digital asset from surpassing the next milestone of $100 million.

This surge in the price of bitcoin reflects the most popular cryptocurrency is heading for the mark as it nears $65,000 at the early hours of Wednesday, April 13, 2021.

After trading below $64,000 during the preceding day, the crypto rose beyond five percent to hit $64,516, its highest price since it was created in 2009. The rise was pumped up as over 310,996 bitcoin worth $16.28 billion was traded in the last 24hour.

This lit up bitcoin, pushing its market capitalisation above $1.20 trillion. Before the recent surge, the all time high of Cryptocurrency was $63,853 according to cryptocurrency monitor, Coindesk.

As of 2009, bitcoin was $0, and fast forward to April 2021, it has over $1.20 trillion as market share. This rise makes Cryptocurrency the fastest asset to reach $1 trillion and stable at the mark.

Before bitcoin, only tech giants like Microsoft, Apple, Amazon and Google, had achieved this feat with. However, it took them 44 years, 42 years, 24 years and 21 years respectively to hit the trillion dollars mark.

For the digital asset, it was a journey of 12 years, the shortest in history.

Reacting to this recordbreaking move, the founder of Microstrategy, Michael Saylor, said, “Cryptocurrency is the most powerful technology of this century.”

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