The price of bitcoin had been trading flat on Monday as the investors were looking for more clues post the recent rally in the digital assets took to $58000 level for the first time. The biggest digital currency in the world has hit the all-time high of $58640.77 before trading at $56566.83 with up to 0.4%.
Paolo Ardoino, the CTO at cryptocurrency exchange Bitfinex, says that the bitcoin is seeming very impervious near the barrage of fear, doubt, and uncertainty that is waging against the industry. Bitcoin, on Friday, hit the market cap of $1trillion for the first time. It was fueled by the interest of major corporations like MasterCard, Tesla, BlackRock, and Paypal.
Vikram Rangala, the CMO at ZebPay, said that Bitcoin had hit a $1 trillion market cap from the last week. It is a milestone that had taken big companies like Apple, Google, and Microsoft more than decades to reach.
It took bitcoins only 12 years to reach up this mark. Comparing to others, bitcoin has reached a trillion without many people even knowing about it. By this time, bitcoin has become the mainstream, which is probably having a larger pool for interested investors. Due to this, $1 trillion may be only the beginning.
“Bitcoin has another thing going for it, which is absolute scarcity. There’ll be only 21 million bitcoins, ever. As more investors buy it up, the remaining supply goes down further. As more people learn about and start wanting bitcoin, the supply will go down. Price is likely to go up in the long-term,” Vikram Rangala added.
In the meantime, other major cryptocurrencies like ether, tether, and ripple are trading near 0.20% in the green. For this year, bitcoin has delivered a return near the mark of 92% while it is up by 16% from the last seven days.