Bitcoin’s market capitalization reaches half a billion dollars for the first time, a figure that would still be small for Changpeng Zhao.
Many have doubted the future of Bitcoin since the beginning. Thousands of voices have been raised since the birth of the cryptomoney eleven years ago, announcing its death. Accusing it of being a purely speculative product with no real value to support its price. However, despite longtime skepticism in the financial markets, Bitcoin Evolution reviews market capitalization has reached half a trillion dollars, as Changpeng Zhao comments in today’s Tweet:
Week in Crypto: Bitcoin Does Everything Possible to Record Record Record Highs Daily
Bitcoin Capitalization Moves Forward
Right now, Bitcoin is experiencing the biggest bullish rally in its history. Although it’s not the first bullish rally that cryptomoney has experienced, it’s certainly qualitatively different from any increase in the price of BTC that has been seen in the past. For, unlike other times when the price and market capitalization of Bitcoin grew due to speculation, today it does so due to confidence.
Thus, the main engine of this great bullish rally is the confidence of the big institutional investors, who are entering the crypto market en masse. Showing the confidence that they have in the future of crypto currencies, as well as in the value of Bitcoin as a financial asset with an important intrinsic value.
Bitcoin’s market capitalization reaches half a trillion dollars for the first time. Source: CoinMarketCapBitcoin’s market capitalization reaches half a trillion dollars for the first time.
Thanks to this, Bitcoin has reached record prices almost every day for the past few weeks. At the time of writing, it stands at $26,808 per BTC, with a market capitalization of $498.172 million. Something that Changpeng Zhao commented on his Twitter account:
„Bitcoin’s market cap is over half a billion dollars for the first time. It’s still small.
This way, the Binance CEO shows his confidence that even though Bitcoin has reached an important milestone with its half-billion dollar market cap, it is still insufficient. As the price of BTC grows, it will probably continue to do so as well.