Bitcoin hit the $1 trillion market cap milestone twice as fast as Amazon and three times faster than Apple, data shows

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Bitcoin surged to a new all-time high above $64,000 on Wednesday ahead of Coinbase’s market debut, in a rally that continues to be partly fueled by institutional buyers.

The digital token’s ongoing daily price movements has propelled its market capitalization above $1.2 trillion, data from Coinmarketcap.com shows.

Bitcoin’s standout performance is highlighted by its ability to have reached the $1 trillion milestone much faster than other mainstream financial assets. The world’s most popular cryptocurrency took just 12 years to hit this record peak, while mega-cap US tech companies took much longer, according to a research report from CryptoParrot.

Microsoft took about 44 years to hit a valuation of $1 trillion, or about 3.6 times slower than bitcoin. Apple took 42 years for the same breakthrough event, while Amazon took 24 years and Google took 21 years.

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“Based on bitcoin’s recent market cap rate growth, the asset will potentially surpass the highlighted traditional assets’ value at some point in the future,” the research report said. “Although the technology stocks have soared from last year, none has been able to outperform bitcoin.”

It’s possible for bitcoin’s market cap to surpass that of other mainstream assets given that it’s already exceeded players like Tesla, the report added.

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Bitcoin climbs back above $55,000 as rally extends into 4th day

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Bitcoin climbed for the fourth straight day on Wednesday, flirting with the record high set in February amid continued support from major institutions.

The digital asset traded as high as $57,258 Wednesday afternoon. It is on track for a second straight weekly gain after falling from a high of over $58,000 last month.

The move once again pushed bitcoin past the $1 trillion market capitalization threshold, a milestone first hit on February 19. The cryptocurrency thus far has skyrocketed 600% year-to-date amid divided opinion on whether it’s set to become an institutional asset class or is a speculative bubble waiting to burst.

The world’s most popular cryptocurrency has been enjoying a steady climb, buoyed by speculation that the third round of stimulus checks expected to land on President Joe Biden’s desk in the next days will not only inject liquidity into equities but also cryptocurrencies.

As discussions of more economic stimulus leading to higher inflation heat up, bitcoin bulls are becoming more confident in the asset as a hedge against a weaker dollar.

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Bitcoin mining machine maker Canaan skyrockets 37% as bitcoin pushes past $1 trillion market cap for the second time

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  • Canaan’s stock jumped as much as 37% on Tuesday amid another run for bitcoin.
  • Bitcoin hit a $1 trillion market capitalization for the second time on Tuesday.
  • The mining machine maker Canaan recently announced it has a 100,000 order backlog for AISC mining machines.
  • Watch Canaan trade live here.

Bitcoin mining machine maker Canaan saw its stock skyrocket as much as 37% on Tuesday as bitcoin pushed past $1 trillion in market capitalization for the second time in its history.

Beijing-based Canaan was founded in 2013 by Nangeng Zhang. The company manufactures supercomputers for use in bitcoin mining and is known for having invented the world’s first ASIC(application-specific integrated circuit)-powered bitcoin mining machine.

Canaan’s stock has been on a historic run over the past six months, rising more than 1,000% as bitcoin continues its mainstream breakout. The mining machine maker traded at just $2.06 per share in September of last year.

Canaan’s stock has been on a tear as the company enjoys an increase in mining unit sales.

Canaan recently announced that it had received “purchase orders totaling more than 100,000 units of bitcoin mining machines from customers in North America.”

Mr. Nangeng Zhang, Chairman and CEO of Canaan said the company changed its “operations model” in 2021 which led to the rising sales.

Previously the company had been selling bitcoin mining machines mostly to individual mining operators, but in late 2020 the client base shifted to mainly publicly traded companies and bitcoin-focused investment funds.

This has led to more sizable orders with longer-term commitments as well as improved revenue forecasting for investors.

As an example of the mining machine manufacturer’s new business model, on February 7 Canaan sold 6,000 of its A1246 model AvalonMiners to Core Scientific.

And Hive Blockchain ordered some 6,400 next-generation bitcoin miners from the company on Jan 23.

Canaan traded up 37.13% as of 11:55AM ET on Tuesday.

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Bitcoin reclaims $1 trillion market cap as support for the cryptocurrency builds among major players

Bitcoin logo is seen displayed on an Android mobile phone
Bitcoin logo is seen displayed on an Android mobile phone

Bitcoin hit a $1 trillion market capitalization for the second time early Tuesday as the price of the world’s most popular cryptocurrency rallied to a two-week high.

The cryptocurrency climbed above the $54,000-level early Tuesday as institutional support for bitcoin continues to climb steadily, shrugging off concerns about its volatility.

“The exuberance that propelled stocks upwards in the past decade appears to be favoring cryptocurrency,” said Paolo Ardoino, CTO of Bitfinex. “The interesting thing is that bitcoin was invented against a backdrop of massive stimulus measures that fueled asset prices.”

On Monday, Norway’s Aker ASA, a $6 billion industrial holding company that controls construction and oil services companies, said that it set up a unit dedicated to investing in bitcoin and blockchain technology. The unit, called Seetee AS, is initially capitalized with around $58.6 million.

“Bit­coin may still go to zero. But it can also become the core of a new monetary ­architecture,” Aker ASA chairman Kjell Inge Rokke said in a shareholder letter. Rokke, Norway’s second-richest person, also said that bit­coin could one day “be worth mil­lions of dollars.”

NYDIG, a provider of bitcoin technology solutions, also announced on Monday that it raised $200 million from investors such Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, and Soros Fund Management. The capital will be used for bitcoin-related initiatives that span from clean energy to philanthropy.

Bitcoin first hit the $1 trillion market capitalization milestone on February 19. On that day, it traded at $53,038.

In February, major firms from Tesla to Mastercard announced investments or new support for the cryptocurrency.

Apart from bitcoin, ether also is seeing a rally as the community prepares for an upgrade that will change how transactions work and start to destroy coins.

Chinese app maker Meitu on Sunday announced purchases of ether and bitcoin, CNBC reported, helping boost the prices of both cryptocurrencies.

“Bitcoin reclaimed the$50,000-level after the US passed the stimulus bill, and on the back of MicroStrategy and Meitu purchasing bitcoin,” said Annabelle Huang, Head GlobalX Center at Amber Group. “However, concerns from the macro world around rates and [US Dollar Index] have sent equities across the board down, threatening crypto once again.”

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