") no-repeat center center;background-size:10px 16px;content:' '}@media(min-width:768px){.gpjOba::before{display:none}}@media(min-width:1000px){.qHctg .taboola{display:none}}.qHctg:has(#taboola-carousel-thumbnails){min-height:426px}.qHctg:has(#taboola-mid-article-thumbnails-crime){min-height:405px}@media(min-width:1000px){.qHctg:has(#taboola-carousel-thumbnails),.qHctg:has(#taboola-mid-article-thumbnails-crime){min-height:0}}.hWxisF{width:100%;box-sizing:border-box}@media(min-width:768px){.hWxisF{max-width:634px}}@media(min-width:1250px){.hWxisF{max-width:622px}}.dvfakS{display:flex;width:auto;box-sizing:border-box;align-items:center;justify-content:flex-start;gap:4px;color:#ec1a2e}.ctXiMg{display:block;font:bold 14px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration-line:underline;margin-block:0;text-align:center}.CRIit{display:inline-flex;align-items:center;justify-content:center;gap:4px}.CRIit:hover .sc-aja53j-2,.CRIit:hover .sc-a5wy94-0{color:#ac2a2c}.ghJHgZ{font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.jlvSeZ{display:flex;position:relative;overflow:hidden;width:auto;height:40px;flex-direction:column;order:-1;gap:8px;opacity:1;transition:all .5s ease-in-out;transition-behavior:allow-discrete}.jlvSeZ::after{--fade-from:rgba(255,255,255,0);--fade-mid:rgba(255,255,255,0.5);--fade-to:#fff;position:absolute;bottom:0;left:0;z-index:1;width:100%;height:40px;background-image:linear-gradient(to bottom,var(--fade-from) 0,var(--fade-mid) 50%,var(--fade-to) 100%);content:'';opacity:1;transition:opacity 150ms ease-out}@media(min-width:768px){.ifXxYf{order:-1}}@media(min-width:768px){.gYsKvs{display:flex;position:relative;align-items:flex-start;margin-top:12px}}.hCEqSm .tp-container-inner,.hCEqSm .sc-1suqprf-0{position:relative;box-shadow:0 -22px 16px 22px rgba(255,255,255,0.95)}.hCEqSm.closed{display:none}.jZkFWa{width:32px;color:#3b5998}@media(min-width:768px){.jZkFWa.mobile-only{display:none}}.jZkFWa:hover{color:#2f4779}.iyaxjG{width:32px;color:#000}@media(min-width:768px){.iyaxjG.mobile-only{display:none}}.iyaxjG:hover{color:#4e4e4e}.bxTlJH{width:32px;color:#25d366}@media(min-width:768px){.bxTlJH.mobile-only{display:none}}.bxTlJH:hover{color:#1da851}.cSnwsm{width:32px;color:#ec1a2e}@media(min-width:768px){.cSnwsm.mobile-only{display:none}}.cSnwsm:hover{color:#ac2a2c}.wViVX{display:flex;gap:12px}.kWPFaS{position:fixed;top:0;left:0;z-index:2147483644;background:rgba(0,0,0,0.5);cursor:pointer;opacity:0;transition:opacity 300ms ease-in-out}.kWPFaS.overlay-background--open{width:100vw;height:100vh;opacity:1}.gXmchn{--trans:300ms ease-in-out;position:fixed;top:0;left:0;z-index:2147483645;width:100vw;height:100vh;opacity:0;pointer-events:none;transform:translateY(-24px);transform-origin:top center;transition:transform var(--trans),opacity var(--trans)}.gXmchn.overlay--open{opacity:1;transform:translateY(0);transition-delay:150ms}.gXmchn.overlay--open>:first-child{pointer-events:auto}.cArLiK .sc-17yxc4y-0{display:none}.cArLiK:hover .sc-17yxc4y-0,.cArLiK.bookmark-button-saved .sc-17yxc4y-0{display:block}.cArLiK:hover .sc-17yxc4y-1,.cArLiK.bookmark-button-saved .sc-17yxc4y-1{display:none}.cArLiK.bookmark-button-saved .sc-17yxc4y-0{display:block}.cArLiK.bookmark-button-saved .sc-17yxc4y-1{display:none}.cArLiK.bookmark-button-saved:hover .sc-17yxc4y-0{display:none}.cArLiK.bookmark-button-saved:hover .sc-17yxc4y-1{display:block}.jKfqFn{--margin-x:12px;--modal-width:calc(100% - (var(--margin-x) * 2));--modal-max-width:351px;--padding:60px 16px 42px;--line-height:1.25;display:flex;position:fixed;top:50%;left:50%;overflow:auto;width:var(--modal-width);max-width:var(--modal-max-width);max-height:100vh;box-sizing:border-box;flex-direction:column;align-items:center;justify-content:center;padding:var(--padding);background-color:#eaf2f2;box-shadow:0 1px 1px rgba(0,0,0,0.5);line-height:var(--line-height);transform:translate(-50%,-50%)}@media(min-width:768px){.jKfqFn{--modal-width:600px;--modal-max-width:none;--padding:72px 80px 64px;--line-height:1.2}}@media(min-width:1000px){.jKfqFn{--modal-width:635px}}.eYHQuU{--close-button-margin:16px;position:absolute;top:var(--close-button-margin);right:var(--close-button-margin)}@media(min-width:768px){.eYHQuU{--close-button-margin:24px}}.gVWZyJ{width:100%;max-width:437px;margin-bottom:20px}@media(min-width:768px){.gVWZyJ{margin-bottom:18px}}.gvKsFx{position:absolute;overflow:hidden;width:.01em;height:.01em;padding:0;border:0;clip:rect(0,0,0,0);white-space:nowrap}.loKuIs{width:100%;margin:0}.ktFUxH{margin:0 0 30px;font:bold 26px/1.15 'Indy Serif','Indy Serif Fallback',serif}@media(min-width:768px){.ktFUxH{font:bold 28px/1.15 'Indy Serif','Indy Serif Fallback',serif}}.cnAboz{display:block;width:100%;padding:0;margin:0 0 30px;font:normal 16px/1.44 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.cnAboz{font:normal 20px/1.44 'Indy Sans','Indy Sans Fallback',sans-serif}}.bdfufZ{display:block;margin-top:30px;color:#222;font:normal 16px/normal 'Indy Sans','Indy Sans Fallback',sans-serif}.cVoYmY{padding:0}.ldnLrS{display:inline-block;width:32px;height:32px;color:#337e81}.ixvYXS{display:flex;flex-direction:row;justify-content:center;gap:12px}.hCHeth{display:flex;position:relative;justify-content:center}@media(min-width:768px){.hCHeth{justify-content:flex-end;padding-top:12px;margin:0}}.hvJvAA{display:flex}.sticky .hvJvAA{flex-direction:column}.kciiLJ{overflow:hidden;height:23px;margin-bottom:8px;border-bottom:0;clear:both}@media(min-width:768px){.kciiLJ{height:25px}}.fSsEip{display:inline-block;flex-shrink:0;margin:0 12px 0 0;font:bold 14px/normal 'Indy Sans','Indy Sans Fallback',sans-serif}.fSsEip::after{content:':'}.kdqbii{display:inline-block;margin-right:12px;margin-bottom:4px;color:#222;font:normal 14px/1.29 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration:underline}.kdqbii::first-letter {text-transform:capitalize}@media(min-width:1000px){.subscribed .lkPksW{margin-top:-184px}.article-feature:not(.article-feature-video) .subscribed .lkPksW{margin-top:-407px}}.lkPksW>p{margin:16px 0}.article-premium .lkPksW>p{line-height:27px}.lkPksW>h2{font-size:21px}.article-climate .lkPksW>h2{color:#ec1a2e}.article-sgi .lkPksW>h2{color:#ec1a2e}.lkPksW>p:first-child{margin-top:0}.lkPksW span:first-child~p:first-of-type{margin-top:0}.cnknzo{display:flex;position:relative;max-width:100%;min-height:600px;justify-content:center;margin:0 auto;background-color:transparent;clear:both}@media(min-width:1000px){.cnknzo{min-height:450px}}.teads .cnknzo{display:block}.cnknzo [data-mpu]{position:sticky;top:16px}@media(min-width:1000px){.dTdlgq{display:none}}.dTdlgq[data-mpu1]{min-height:600px}.dTdlgq.pb-20{padding-bottom:20px}.gMxIQB{margin:0 0 24px;font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.fJIQUi{font:bold 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.eFDpwi{overflow:hidden;width:100%;box-sizing:border-box;margin-bottom:16px}@media(min-width:768px){.eFDpwi{max-width:634px}}@media(min-width:1250px){.eFDpwi{max-width:622px}}.jkkqcL{width:100%;box-sizing:border-box;padding:8px 12px 12px;border-top:8px solid #ec1a2e;background-color:#fde8ea}@media(min-width:768px){.jkkqcL{padding-top:4px;padding-bottom:12px}}.dDFcwe{font:bold 22px/26px 'Indy Serif','Indy Serif Fallback',serif;margin:0 0 12px;text-align:center}@media(min-width:768px){.dDFcwe{font:bold 30px/34px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.048px;margin-bottom:12px;text-align:left}}.jbPJqN{display:block;margin-bottom:12px}@media(min-width:768px){.jbPJqN{display:none}}.fdEOdF{display:flex;width:100%;box-sizing:border-box;align-items:center;justify-content:center;gap:4px;background-color:#fde8ea;color:#ec1a2e}@media(min-width:768px){.fdEOdF{width:auto;justify-content:flex-start}}.bcQtEw{display:block;font:bold 14px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration-line:underline;margin-block:0;text-align:center}.jIgCsj{display:inline-flex;align-items:center;justify-content:center;gap:4px}.jIgCsj:hover .sc-hez36s-5,.jIgCsj:hover .sc-a5wy94-0{color:#ac2a2c}.bhFQeV{font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.kqOtlp{display:flex;width:100%;flex-direction:column}@media(min-width:768px){.kqOtlp{display:flow-root;gap:24px;transition:margin-bottom .3s ease-in-out}}.bvgAkY{display:flex;width:100%;flex-direction:column;align-items:center;justify-content:center}@media(min-width:768px){.bvgAkY{position:relative;z-index:1;width:212px;flex-shrink:0;justify-content:flex-start;margin-left:24px;float:right}}.ZbvOr{display:none;flex-direction:row;align-items:center;justify-content:center;gap:8px;margin-top:8px}@media(min-width:768px){.ZbvOr{display:flex;margin-top:12px}}.cqHcKs{display:flex;width:100%;align-items:center;justify-content:center;gap:8px;margin-top:8px;margin-bottom:12px}@media(min-width:768px){.cqHcKs{display:none}}@media(min-width:768px){.bjQKsM{order:-1}}.gBaKpR .sc-aja53j-5::after{--fade-from:rgba(253,232,234,0);--fade-mid:rgba(253,232,234,0.5);--fade-to:#fde8ea}@media(min-width:360px){.gBaKpR .sc-aja53j-5 .sc-aja53j-7{display:none}}.dVyExd{display:flex;min-height:600px;justify-content:center}@media(min-width:1000px){.dVyExd{min-height:450px}}.jHlYLm{min-height:600px}@media(min-width:1000px){.jHlYLm{min-height:450px}}.jHlYLm.mobile-only{display:block}@media(min-width:1000px){.jHlYLm.mobile-only{display:none}}.jHlYLm.desktop-only{display:none}@media(min-width:1000px){.jHlYLm.desktop-only{display:block;margin-bottom:16px}}.jHlYLm.desktop-only+p{margin-top:0}.jHlYLm .third-party-ad{position:sticky;top:16px}.czoMqL{width:100%;flex-grow:1}.czoMqL .amp-article-content[amp-access][amp-access-hide]{display:block;overflow:hidden;max-height:360px}.czoMqL .amp-article-content[amp-access][amp-access-hide] .social-share{display:none}.czoMqL .amp-article-content[amp-access][amp-access-hide].show-all-content{max-height:100%}@media(max-width:594px){.czoMqL .amp-article-content[amp-access][amp-access-hide]{max-height:530px}}.czoMqL .amp-newsletter-reg-gate{position:relative;left:-12px;width:calc(100% + 24px)}.czoMqL .social-share{width:100%;padding-top:10px;padding-bottom:20px}@media(min-width:768px){.czoMqL .social-share{justify-content:flex-start}}.czoMqL .social-share.sticky{display:none}@media(min-width:1000px){.czoMqL .social-share.sticky{display:flex;position:sticky;top:14px;width:34px;flex-direction:column;padding-top:0;margin-top:0;margin-left:-25%}.czoMqL .social-share.sticky amp-social-share,.czoMqL .social-share.sticky .sc-mgcah7-0{margin:0 0 16px}.article-feature-video .czoMqL .social-share.sticky{margin-top:0}.article-feature:not(.article-feature-video) .czoMqL .social-share.sticky{margin-top:35%}}.czoMqL.sponsored-article img,.czoMqL.sponsored-article video{width:100%;max-width:602px;height:auto}.czoMqL.sponsored-article iframe{max-width:602px;max-height:400px}.czoMqL .under-article-prompt-donations{padding-bottom:8px;margin-top:-3px}.czoMqL .big-letter{--color:#222;display:flex;position:relative;width:0;height:0;align-items:center;justify-content:center;padding:40px;margin-top:22px;margin-right:12px;border:1px solid var(--color);float:left;font:normal 52px/1 'Indy Serif','Indy Serif Fallback',serif;text-transform:uppercase}.czoMqL .big-letter:first-child{margin-top:6px}.czoMqL .big-letter::before{position:absolute;top:0;left:0;width:100%;height:100%;box-sizing:border-box;border:1px solid var(--color);border-radius:50%;content:''}.czoMqL #taboola-below-article-1{min-height:2350px}@media(min-width:768px){.czoMqL #taboola-below-article-1{min-height:3370px}}.czoMqL #taboola-below-article-1-split-num-1{min-height:130px}@media(min-width:768px){.czoMqL #taboola-below-article-1-split-num-1{min-height:415px}}.czoMqL .sc-fwko30-0+.sc-1xtsh2b-0{margin-top:-16px}@media(min-width:768px){.czoMqL{max-width:636px;margin:0}}@media(min-width:1000px){.czoMqL{max-width:624px;margin:0}.czoMqL.subscribed{max-width:636px}}@media(max-width:999px){.czoMqL{padding-right:0}.czoMqL .under-article-prompt-donations{margin-top:-18px}}.czoMqL .anchor-nav-header{scroll-margin-top:79px}.czoMqL .anchor-nav-header a{color:#222}.czoMqL .anchor-nav-header a:hover{color:#222}.clVPNf{display:flex;flex-wrap:wrap;justify-content:flex-start;margin-bottom:8px;color:#646464;font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.clVPNf{width:70%;align-items:center;justify-content:flex-start;margin-bottom:0;font:normal 16px/24px 'Indy Sans','Indy Sans Fallback',sans-serif}}@media(min-width:1000px){.clVPNf{width:70%;margin-bottom:0}}.hIiCJP{display:flex;height:20px;margin:0 12px 8px 0}.article-voices .hIiCJP{height:auto}@media(min-width:425px){.article-voices .hIiCJP{height:20px}}.hIiCJP::before{display:inline-block;align-self:center;margin-top:1px;margin-right:12px;content:'\2022';transform:scale(1.5)}.hIiCJP:first-child::before{content:none}@media(min-width:768px){.hIiCJP{height:24px;margin-bottom:0}.hIiCJP::before{margin-top:2px}}.hIiCJP time{display:block}.hIiCJP time::first-letter {text-transform:capitalize}.eNJptR{display:inline-block;margin:0 12px 8px 0;color:#ec1a2e;font:bold 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;letter-spacing:-0.5px}.eNJptR:hover,.eNJptR:active{color:#ac2a2c}@media(min-width:768px){.eNJptR{margin-bottom:0}}.cePgis{margin:0 4px 8px 0}.cePgis::before{display:inline-block;margin-top:2px;margin-right:12px;color:#646464;content:'\2022';transform:scale(1.5)}.cePgis:first-child::before{display:none}@media(min-width:768px){.cePgis{margin-bottom:0}}.kuCYzg{display:flex;justify-content:flex-start;padding:0;margin:0 0 16px}@media(min-width:768px){.kuCYzg{display:flex;width:30%;align-items:center;justify-content:flex-end;margin:0}}@media(min-width:1000px){.kuCYzg{width:30%}}.gpMjkH{padding-top:0;border-top:0;border-bottom:0}@media(min-width:768px){.gpMjkH{display:flex;flex-flow:row wrap;padding-bottom:16px}.gpMjkH .sc-1qz44j0-0{order:1}.gpMjkH .sc-1qz44j0-6{order:2}}@media(min-width:1000px){.gpMjkH{flex-direction:row}}.hUayVl{padding:16px 12px 12px;text-align:left;font:bold 14px/18px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.hUayVl{padding:16px 16px 12px}}.article-infact .hUayVl{padding:16px 0}@media(min-width:1000px){.hUayVl{padding:24px 0 19px}.article-feature .hUayVl{max-width:968px;margin:0 auto}}.hUayVl a{color:#222}.hUayVl a:hover{color:#ac2a2c}.hUayVl a:hover::after{color:#222}.hUayVl a::after{margin-right:4px;margin-left:4px;content:'>'}.hUayVl a:last-child::after{display:none}.bPeEQC{margin:0 0 20px;letter-spacing:0}.iHWilb{margin:0;color:#646464;font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.iHWilb{font:normal 18px/22px 'Indy Sans','Indy Sans Fallback',sans-serif}}@media(min-width:1000px){.iHWilb{font:normal 20px/24px 'Indy Sans','Indy Sans Fallback',sans-serif}}.iHWilb p{font:inherit}.article-feature .iHWilb a{font-weight:bold}.gRuXKg{max-width:968px;margin:0 auto;background:#fff}@media(min-width:1000px){.gRuXKg{padding:0 16px}.parallax .gRuXKg{max-width:1240px}}.clZtvZ{font:bold 32px/36px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0156em}@media(min-width:768px){.clZtvZ{font:bold 44px/48px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0113em}}@media(min-width:1000px){.clZtvZ{font:bold 54px/58px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0092em}}.gLQzaj .sc-qvufca-0{margin:0 12px}@media(min-width:768px){.gLQzaj .sc-qvufca-0{max-width:968px;margin-right:16px;margin-left:16px}}@media(min-width:1000px){.gLQzaj .sc-qvufca-0{margin-right:auto;margin-left:auto}}.gLQzaj .sc-qvufca-2{margin-bottom:16px;color:#222}@media(min-width:768px){.gLQzaj .sc-qvufca-2{margin-bottom:18px}}@media(min-width:1000px){.gLQzaj .sc-qvufca-2{margin-top:0}}.article-feature .gLQzaj .sc-qvufca-2{text-align:center}@media(min-width:1000px){.article-feature .gLQzaj .sc-qvufca-2{max-width:968px}}.gLQzaj .sc-aeekvc-0{margin-bottom:16px}@media(min-width:1000px){.gLQzaj .sc-aeekvc-0{max-width:968px}}.gLQzaj .sc-aeekvc-0 p{margin-top:0}@media(min-width:768px){.gLQzaj .sc-aeekvc-0 p{margin-bottom:16px}}@media(min-width:2560px){.gLQzaj .sc-aeekvc-0 p{margin-bottom:12px}}.ldpSwp{--bleed:12px;display:flex;box-sizing:border-box;flex-direction:row;gap:32px;padding:16px var(--bleed);background-color:#fff}.article-liveblog .ldpSwp{background-color:#f7f7f7}@media(min-width:768px){.ldpSwp{--bleed:0;max-width:1000px;margin:0 auto}}@media(min-width:1000px){.ldpSwp{--bleed:16px;max-width:1000px;padding:var(--bleed)}}.ilJfaV{overflow:hidden;height:0;color:transparent}.fIgmuu{max-width:100%;margin:0 0 20px}.fIgmuu.sticky{position:sticky;top:16px}.grPbuS{min-height:600px}.grPbuS #mpu1{position:sticky;top:16px}.jfSvuX{min-height:250px}.kdHApG{max-width:100%}.dgoHoz{margin:0 0 6px;color:#646464;font-family:'Indy Sans','Indy Sans Fallback',sans-serif;font-size:15px}.eSkAOW{margin:0 0 12px}.ctSnkl{height:380px}.cCOQKx{width:100%;height:51px}.NgRo{margin-bottom:16px;border-bottom:1px solid #919191}.ksidoU{margin-bottom:16px}.ksidoU [role='listitem']{position:relative;margin-bottom:12px;border-bottom:1px solid #d3d3d3}.ksidoU [role='listitem'] .sc-u4n1j-0{display:flex;position:absolute;bottom:16px;left:10px;width:32px;height:32px;align-items:center;justify-content:center;border-radius:50%;background-color:#ec1a2e}.ksidoU [role='listitem'] .sc-u4n1j-0>svg{width:90%;fill:#fff;stroke:transparent}.ksidoU [role='listitem']:first-child{display:block;padding-bottom:0;margin-bottom:12px}.ksidoU [role='listitem']:first-child .sc-u4n1j-0{top:-15px;bottom:auto;left:12px}.ksidoU [role='listitem']:first-child>*:first-child{display:block;width:100%;height:205px}.ksidoU [role='listitem']:first-child>*:last-child{--content-bg:#222;--content-bg-opaque:rgba(34,34,34,0.7);position:absolute;bottom:0;width:100%;padding:28px 12px 12px;background:linear-gradient(to top,var(--content-bg) 70%,var(--content-bg-opaque) 100%) no-repeat;color:#fff;font-size:17px;font-weight:bold}.ksidoU [role='listitem']:last-child{margin-bottom:0;border-bottom:0 none}.bhdekM{min-height:1924px}@media(max-width:767px){.bhdekM{display:none}}.dvQXpA{width:308px}.dvQXpA.hidden{display:none}@media(max-width:999px){.dvQXpA{display:none}}.article-liveblog .bZTaXI{background-color:#f7f7f7}.wQyIS{justify-content:center}.jQYxbM{justify-content:center}
Tech Bitcoin’s market value tops $1 trillion for first time in its history The cryptocurrency’s price rally has seen its value rise 10-fold in less than a year
Subscribe to Independent Premium to bookmark this article Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Subscribe Already subscribed? Log in Bitcoin’s price has risen 10-fold in less than a year (AFP via Getty Images) Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference. Read more The market capitalisation of bitcoin has passed $1 trillion for the first time in its history.
Bitcoin’s price hit a new all-time high on Friday, taking it above $53,500 (£38,000) and pushing its total value past the 10-digit milestone.
The cryptocurrency’s market cap is now greater than the value of payments giants Mastercard and Visa – combined.
It now ranks as the eighth most valuable asset in the world, behind Gold, Apple, Saudi Aramco, Microsoft, Amazon, Silver and Alphabet (Google).
“Bitcoin reaching a $1 trillion market cap is momentous for the industry. Despite being criticised only this week as a bubble waiting to burst and an ‘economic sideshow’, it has yet again proved its detractors wrong and broken another record,” Simon Peters, a cryptocurrency analyst at the online trading platform eToro, told The Independent .
“Of course, it can be volatile, but achieving such a large market cap is not to be sniffed at. Today’s milestone demonstrates bitcoin’s growing power as it looks to disrupt the traditional financial landscape.”
Bitcoin’s price rally has seen its value rise 10-fold in less than a year, having traded below $5,000 as recently as March.
The gains have been fuelled by increased institutional and retail investment, with bitcoin increasingly seen as a viable store of value amid global economic uncertainty brought about by the Covid-19 pandemic.
Market analysts often refer to bitcoin as a form of “digital gold”, due to its finite supply being limited to 21 million units. Wild price swings in recent years have led others to warn that it is a far more risky investment than traditional assets.
“It’s very significant that businesses are actively searching for alternative ways to store their wealth that will not depreciate in value. We’ve reached an inflection point where people are questioning traditional monetary systems and recognising that there are better, fairer options,” Jai Bifulco, Chief Commercial Officer of exchange platform Kinesis, told The Independent .
“That said, it’s strange that Bitcoin continues to take centre stage over gold. I really can’t emphasize this enough; gold is the safest place to protect your wealth in increasingly uncertain times.”
Thank you for registering Please refresh the page or navigate to another page on the site to be automatically logged in Please refresh your browser to be logged in
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments