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Bitcoin Hits $55K, Market Cap Crosses $1T First Time Ever

-Bitcoin price reached $55K.
-Market Cap surpasses over $1T for the first time ever.
-Moreover, BTC price is on steady growth.

Bitcoin price has reached over $55,000, pushing the asset’s value over $1 trillion for the first time ever in history. 

Bitcoin Hits $54K, Reaching a $1T Market Cap

On the 19th of February, Bitcoin hit $55,000, reaching another high record. According to CoinGecko, the king of cryptocurrency prices is at $55,402, at the time of writing.  Moreover, Bitcoin’s market cap has surged over $1 trillion for the first time since it launched back in 2009. 

BTC/USDT Price Chart (Source: TradingView)

The Bitcoin price has been on a steady growth. However, continuously pulling in new highs in recent weeks. Moreso, famous analyst and creator of the stock-to-flow model, PlanB, believes that the Bitcoin purchase is inevitable. 

According to the analyst, money loses value in the old world. This is because the governments debase fiat money for warfare and welfare. 

PlanB said,

In the new world #bitcoin increases in value, because math caps the monetary base at 21M BTC. The new world is eating the old world right now.

Even more, the main reason behind the price growth is because of huge investment by investors. Added to this, there are a growing number of institutional investors making their investments into Bitcoin.

Meanwhile, gold is a classic store of value assets. However, its value fell to $1,760 a troy ounce, its lowest level since July 6, 2020, as per TradingView. Furthermore, Elliott Wave has also predicted that Bitcoin will reach $100K

The News Crypto Staff

The News Crypto is a group of crypto journalists writing about the latest happenings in the crypto and blockchain industry.

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