Bitcoin, the oldest and most popular cryptocurrency in the world, has once again exceeded $1 trillion market capitalization (roughly Rs. 74,73,650 crores). The crypto coin, supported by investors’ enthusiasm, has moved beyond the $50,000 mark (roughly Rs. 37.38 lakhs.
According to crypto experts, the recent rise in Bitcoin prices is due to investors being skeptical of the stock market. October is a month that has seen the most severe market crashes in American history, as well as the 2008 financial meltdown. Many investors are still wary of October. The current price of a cryptocurrency and the number in circulation are used to calculate the m-cap.
The increase in Bitcoin’s cap means that more people are now investing in it than ever before. These investors will likely be people who are looking to reduce their stock exposure and invest in a more safe environment. Bitcoin’s surge began in October last year. Many believe that Bitcoin will experience a repeat of its wild fourth quarter rally.
The price of Bitcoin in India was approximately Rs. At the time this report was written, it was worth approximately $54,000 or 40.36 lakhs. Bitcoin had previously crossed the $1 trillion mark in m-cap in February 2018. This was after it experienced a rapid rise and reached the $50,000 mark for its first time. It reached an all-time high at $64,000 (approx. In April, it was Rs.47.84 crores. The cryptocurrency market crashed in May and Bitcoin lost all of its gains. It fell below $30,000 (approx. Rs. 22.42 Lakhs
Bitcoin’s m-cap was over $1 trillion up until the crash. Comparatively, Microsoft took almost 44 years to achieve the milestone while Bitcoin achieved it in just 12 years.
Billionaire Elon Musk, a billionaire who owns Tesla Motors, a electric car company. He abruptly reversed his decision to accept Bitcoin payments. A wider crackdown by Chinese authorities against mining operations in China.
Cryptocurrency mining requires a lot of energy. Many miners work from China, which could lead to China’s power generation capacity being exhausted. China is also concerned about the potential disruption that virtual coins could cause to its financial system.