Bitcoin price hit a new annual high of $ 12,420 yesterday, and its market capitalization climbed to $ 228 billion, higher than the value of New Zealand’s entire money supply..
As a result of the evening breakout, the MTC rate reached its highest level in the last 13 months. Although the subsequent correction cooled the traders’ fuse a little, but the bulls continue to control the situation and do not allow a significant pullback. Bitcoin is trading at $ 12,256 at time of publication, with a daily gain of 3.35%.
According to the FiatMarketCap website, during yesterday’s rally, the market capitalization was higher than that of the New Zealand dollar in circulation. Although after a slight depreciation, it decreased to $ 226.4 billion, but even now only 34 fiat currencies surpass MTC in total value..
Currently, the first cryptocurrency is also in the top 25 most valuable assets by market capitalization, coming close to PayPal with its $ 230 billion. As fiat currencies depreciate rapidly in 2020 due to the actions of governments to combat the consequences of the pandemic, and bitcoin from the beginning grew by 71%, many large investors began to use it for portfolio diversification and hedging.
In addition, over the past 5 years, the profitability of BTC has exceeded more than 70 times indicators of five key stock indices.
text: Ivan Malichenko, photo: Shutterstock