The price of cryptocurrencies have continued to rise on Tuesday, with Bitcoin surging above $54,000.
The market capitalization of Bitcoin, the most popular Cryptocurrency surpassed $1 trillion in mid-morning trade Singapore time, according to CNBC.
This is the second time the value of Bitcoin is rising above $1 trillion, after hitting it for the first time on February 19, 2021. At the time it stayed in the $1 trillion mark for just few days before crashing off the cliff.
Bitcoin rose by more than 7% reaching as high as $54,438.6 early Tuesday Morning, according to the Investing.com Index, although it has pared some of those gains.
At the time of this report, Bitcoin is trading at $53,744.2, a 6.85% gain, While Ethereum is is up by 6.04%, trading at $1825.68
A lot has been happening in the cryptocurrency world since last year, as institutional investors participation in the crypto market surged.
In February, NY Melon, the oldest bank in America, joined the cryptocurrency party with launch of digital assets division
Other big companies like Uber, Tesla, Tesla, Visa, Mastercard, Uberhave all joined the race among others.
On Sunday, Meitu, a Chinese appmaker said that it had purchased not only bitcoin, but another cryptocurrency called ether too.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
