Rising above $56,000! Bitcoin's total market value exceeds $1 trillion for the first time, surpassing Tesla!

In the past 24 hours, the price of Bitcoin has soared again, setting a new record high. It once stood above the $56,000 mark during the session, and rose by about $2,000 in 24 hours. The total market value exceeded $1 trillion for the first time, surpassing Tesla and ranking behind Google. In the past six months, the price of Bitcoin has now risen by about 350%.
According to data from Bitcoin Home, 130,000 people had their positions liquidated for US$840 million (approximately RMB 5.421 billion) in 24 hours.

According to CoinDesk data, as of press time, the price of Bitcoin has risen by 7.4% to $56,055.74. Based on this latest price, the total market value of Bitcoin is about $1.04 trillion. In the past 24 hours, the price of Bitcoin has reached a high of $56,283.55 and a low of $50,821.47.
Since the beginning of 2021, the price of Bitcoin has soared by more than 85%. With a market value of $1 trillion, Bitcoin is no less inferior to the giants in the US stock market. Looking at the top US stocks, the market value of Bitcoin has surpassed Tesla and ranked behind Google.
The surge in Bitcoin also led to a collective surge in blockchain concept stocks in the U.S. stock market. Renren rose by about 40%, Canaan Creative and Xunlei rose by more than 30%, and both stocks rose by 280% so far this year; The9 rose by 24%, and a cumulative increase of 2126% so far this year; Cheetah Mobile and China Netcom rose by more than 13%.

“Bitcoin reaching a $1 trillion market cap is the most exciting news of the year,” Naeem Aslam, chief market analyst at AvaTrade, wrote in an email.
The recent rise of bitcoin, the digital asset created by Satoshi Nakamoto 12 years ago, has been attributed to growing interest among institutional investors in bitcoin and other crypto-backed assets.
Earlier this month, Tesla (TSLA), owned by the world's richest man Elon Musk, said it had bought $1.5 billion worth of Bitcoin in January and said it might accept Bitcoin payments in the future, which reignited enthusiasm for the digital currency. On Thursday, Musk further explained his reasoning for investing in Bitcoin, saying the decision was "just a form of liquidity that's not as dumb as cash and represents enough adventurousness for an S&P 500 company."
Other companies and institutions have expressed support for bitcoin in recent weeks and months, including payment services provider PayPal (ticker: PYPL), which opened its cryptocurrency platform to all U.S. customers in November, helping to drive a sharp rise in its price.
Several well-known Wall Street investors, including Stanley Druckenmiler and Paul Tudor Jones, have embraced Bitcoin, while Bill Miller, the famous investor and founder of Miller Value Partners, also published a letter to clients on the company's website earlier this month, reiterating his optimistic stance on the prospects of Bitcoin.
It is worth noting that despite Bitcoin's parabolic rise in recent times, its dominance in the digital currency market has declined, and its share of the overall value of this market is currently only around 60%, lower than the recent peak of around 70% at the beginning of this year. This may indicate that, like Bitcoin, other cryptocurrencies such as Ethereum have also attracted strong interest from buyers. (Upstream News)