Bitcoin continues to hit new all-time highs (ATHs), crossing the $40,000 mark for the first time. The ongoing Bitcoin bull run brings the total market value of cryptocurrencies to more than $1 trillion.
Industry analysts believe that the cryptocurrency ecosystem will continue to reap the benefits and rewards of the highly-awaited institutional money flowing into the Bitcoin space. For instance, PayPal, with its 26 million merchants, is channelizing crypto payments to amplify mainstream adoption of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Bitcoin surges to $40,000
Since its public release in 2008, Bitcoin has had a relatively unstable but dramatic growth in both its value and popularity. This week, Bitcoin touched a high of $40,000. As a result of this record-breaking success, Bitcoin accounts for about two-thirds of the total cryptocurrency market value.
Bitcoin is now the world’s 5th largest currency
Bitcoin has surpassed all but five fiat currencies worldwide. Thanks to Bitcoin’s historic run over the last several weeks, the world’s largest cryptocurrency with nearly $720 in market capitalization is only falling behind USD, EUR, CNY, and JPY. The ever-increasing demand and the price of $40,000 have helped Bitcoin achieve this milestone.
Bitcoin’s recent expansion in market capitalization is significantly redefining how people can spend cryptocurrencies. To put things in perspective, BTC is primarily competing with USD and EUR, having a total circulating supply worth more than $1.9 trillion and $1.4 trillion, respectively. With 18.59 million in circulation globally, Bitcoin has maintained a reputation for its constant growth in terms of valuation.
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