Bitcoin’s market cap has broken above $1 trillion for the first time, signaling growth of more than 900% in less than one year.
Bitcoin has rallied into new all-time highs above $53,700, pushing its market cap above $1 trillion for the first time.
Bitcoin’s late 2020 rally appeared to be sparked by an unprecedented wave of demand from institutions and billionaires, with the trend set after the world’s largest publicly traded business intelligence company, MicroStrategy, revealed it had converted $250 million of its treasury into BTC on Aug. 11.
BTC/USDT daily chart. Source: TradingView
By the end of January 2021, MicroStrategy had invested $1.095 billion to accumulate 71,079 BTC or 0.38% of Bitcoin’s circulating supply. In early February, the firm hosted a free webinar providing strategies for incorporating Bitcoin into corporate treasury reserves and MicroStrategy is currently in the process of raising a further $900M to buy more BTC.
Institutional asset manager, Grayscale also aggressively ramped up its Bitcoin accumulation