- The cumulative capitalization of the digital asset market has exceeded $1 trillion for the first time in history
- The record is reached as Bitcoin set a new all-time high above $40,000 after a 12 percent surge on Thursday
- Bitcoin market dominance still remains as high as 69 percent.
- The creator of Bitcoin could be among the top 40 richest people, if…..
On Thursday, January 7, 2021, the market capitalization of the crypto markets exceeded $1 trillion for the first time in its 12 years history. The record was reached as Bitcoin experienced a 12 percent surge on Thursday, to a record new all-time high of $40,394.
According to an index maintained by CoinMarketCap, which tracks the price of 6,000 distinct coins, the total market capitalization of digital assets is up roughly 8 percent in the last 24 hours. The value of the industry is now pegged at $1.059 trillion.
Over the last 12 months, Bitcoin has risen by nearly 400 percent amid growing interest from institutional investors and wall streets. Bitcoin continues its meteoric rally, doubling its price in the last 30 days. The number one digital asset now contributes an immense 69.1 percent to the industry’s market valuation.
On the Flipside
- Although Bitcoin has stolen the headlines as it repeatedly tears through newly set highs, it is not the only crypto currently on a bull run.
- Close rival Ethereum outperforms Bitcoin with a +70 percent gains in the last 7 days, compared to BTC’s 36 percent. This pushes the Ether to trade above $1,200 for the first time in 3 years.
- Still in the top 10 digital assets, Ripple’s XRP is making a massive comeback after the asset was slammed by a lawsuit from the SEC. In the last 7 days, the token is up by over 50 percent.
Satoshi Could Be a Billionaire Now!
The white paper of Bitcoin and its mother network was announced by its creator(s) Satoshi Nakamoto on 31 October 2008. The project was launched in 2009.
In the first few years of its creation, it was believed that Satoshi mined about 1 million Bitcoins: then there was next to no competition in BTC mining.
If the creator of Bitcoin still holds the private keys that control these coins, or hasn’t sold them, he would have a net worth of nearly $40 billion— placing him among the 40 wealthiest people on the planet. The real identity of Satoshi has never been publicly revealed nor has he communicated since 2014.
Bitcoin for the Future
While Bitcoin’s most recent price break out is spectacular, analysts believe that Bitcoin could settle at a far greater valuation in the long-term.
This seems to be the consensus behind Bitcoin following its success with institutional investors. There is the belief that even after a major significant correction, Bitcoin would still continue to act as a hedge against inflation of fiat money. Hence its undeniable success in the future.