Bitcoin currency and its rapid gains these days have made it the focus of the world.
Bitcoin broke its highest price ever in December 2020, which became a milestone in Bitcoin’s history, after which the currency was able to continue its upward march until the moment.
Bitcoin hit a new record high of $ 57,700 on Binance in the past few hours, though it has since slumped to $ 56,000 at the time of writing this article.
New data provided by Glassnode reveals that the number of Bitcoin addresses in excess of 0.1 Bitcoin has also broken a record.
According to Glassnode:
“The number of Bitcoin addresses containing 0.1+ Bitcoin has just reached a record high of 3,195,200.
These statistics show that more participants are joining the Bitcoin network.
The expansion in the uses of bitcoin will push the price of bitcoin higher in the coming years, as Mr. Dan Tabiro, co-founder of the digital economy company 10T Holdings, predicted that when one billion people use bitcoin in the next four years, this expansion will push the price of Bitcoin to more than $ 500,000, the same prediction made by “Willie Wu”, an analyst in the crypto market.
Bitcoin’s rise in value:
Bitcoin has finally achieved a market value of $ 1 trillion, and this target was finally achieved after the cryptocurrency crossed the $ 55,000 level.
Bitcoin has a current market cap of over $ 1.05 trillion, according to Coingecko.
With this great value, Bitcoin is now more valuable than leading giants like Tencent and Tesla:
Institutional investments are the engine behind Bitcoin’s current bullish trend.
Companies have shown their appetite for leading cryptocurrencies based on factors and sentiments such as fear of missing out (FOMO).
For example, MicroStrategy Inc completed an offer of $ 1.05 billion in convertible bonds, an increase that would allow the company to purchase another $ 1 billion in bitcoins.
Recently, MicroStrategy Inc. announced the sale of $ 600 million in convertible bonds of debt to institutional buyers.