- Bitcoin is now the 6th most valuable asset globally, one rank below Google’s parent company, Alphabet.
- The $1 trillion market cap has been met with glee on crypto Twitter, promting countless BTC supporters to edit laser eyes into their profile pictures.
- The upcoming fed stimulus package and US tax season may both impact price in the near future.
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Bitcoin breached yet another significant milestone of $1 trillion market capitalization, passing Tesla and Tencent to become the sixth most valuable asset in the world.
A Remarkable Rise in Bitcoin Market Cap
Top Companies in Market Capitalization. Source: AssetDash
At $53,700, Bitcoin recorded a market capitalization of $1 trillion for the first time ever.
The market value of Bitcoin is calculated by multiplying the circulating supply with BTC’s market price. The fully diluted market capitalization of BTC at a total supply of 21 million comes up to $1.15 trillion.
Bitcoin enthusiasts celebrated the event by adding a Cyclops-like laser eye to their profile pictures and trending a hashtag #LaserRayUntil100K.
The CTO of Tether, Paolo Ardoino, spoke with Crypto Briefing on the matter.
“Bitcoin was created as a peer-to-peer electronic cash system. The disintermediated quality is fundamental to its unique properties as a decentralized form of digital cash. Bitcoin was built by and on communities of developers, miners and retail investors. While interest from institutions has helped consolidate its role as digital gold, its future depends on the continued success and support of its communities of interest.”
The Bitcoin community is clearly out in full force on Crypto Twitter today.
Stimulus and Tax Season May Impact Price
In the U.S., the stimulus checks and income taxes are due in the next month. The relief amount in the next round of the stimulus package is expected to be $1,400 for individuals earning below $75,000 adjusted gross annual income.
Moreover, the tax…