Bitcoin price rose to record, cryptocurrency market capitalization exceeded $ 1 trillion

Bitcoin price along with the leading series of cryptocurrencies boosted market capitalization to over $ 1 trillion – an unprecedented record in history. Earlier today, Bitcoin temporarily stood at $ 38,786, up 7%. Over the last 24 hours, Bitcoin was trading around $ 36,266 as its low and $ 40,324 as the highest.

bitcoin-price-rose-to-record-cryptocurrency-market-capitalization-exceeded-1-trillion

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price increased in the record, the market exceeded $ 1 trillion

Bitcoin’s shock rise pushed its capitalization above $ 721 billion for the first time in 12 years.

According to Bloomberg, this is a new milestone for Bitcoin after continuously increasing in price in the past. The cause of today’s strong growth is thought to be rooted in demand from retail speculative traders, trend-following funds, wealthy people, and institutional investors.

Global political instability, the impact of COVID-19, concerns about Brexit, and especially the US Federal Reserve and central banks of countries loosening their currencies to minimize the economic consequences of the pandemic … is also said to help investors find Bitcoin.

Statistics from CoinMarketCap show that the volume of Bitcoin transactions in that period was about 83.7 billion USD, market capitalization reached 721 billion USD. Other cryptocurrencies also surged, sending the market into an unprecedented price surge. Specifically, XRP increased by 27% to $ 0.332; Binance Coin increased by 3.7% to $ 43.16.

You can see the BTC price here.

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