In a statement that could have been uttered at multiple points in the last week: Bitcoin has reached a new all-time high. At 11:40 AM Eastern Time, the cyrptocurrency broke the $55,000 level for the first time. Moments later, the Bitcoin price peaked at $55,059.27, before falling back under $55,000 just two minutes later.
At time of writing, Bitcoin is hovering in the $54,000-$54,999 range, but at the rate it has been shattering all-time highs, this record will probably be broken soon if it hasn’t been already.
A year ago today, one Bitcoin was worth $9,631.48. The coin has gained roughly a 470% return in just a year, and even bottomed out at a price of $3,738.67 in March 2020 amidst the onset of the COVID-19 pandemic.
Since November 2017, Bitcoin had failed to reach the all-time high of $19,499.99 that it once held. But after breaking that record in December 2020, Bitcoin’s price quickly soared over $40,000 by January 8, 2021. After some routine correction and volatility, Bitcoin’s price hovered between $29,000 and $40,000 for much of the next month, before news of Tesla investing $1.5 billion in Bitcoin and accepting the coin as a form of payment catapulted the price to a new all-time high of $48,496.76 by February 8.
On February 15, Bitcoin broke $50,000 for the first time, and just four days later, the price has risen above $55,000. At this rate, Bitcoin could conceivably reach $60,000 by the one-year anniversary of many COVID-19 lockdowns, and consequentially, the anniversary of Bitcoin’s recent low of $3,738.67.
In the United States, investing the government’s $1,200 check entirely in to Bitcoin would have garnered a Bitcoin portfolio worth nearly $10,000 today.
Perhaps even more importantly, Bitcoin’s market cap value crossed the threshold of $1 trillion. This offically makes Bitcoin the eighth asset in the world with a $1 trillion USD market cap:
- Gold: $11.323 trillion
- Apple: $2.183 trillion
- Saudi Aramaco: $2.037 trillion
- Microsoft: $1.821 trillion
- Amazon: $1.669 trillion
- Silver: $1.503 trillion
- Alphabet/Google: $1.426 trillion
- Bitcoin: $1.012 trillion
- (Data per CompaniesMarketCap.com)
Joining these seven other assets is a testament to Bitcoin’s long-term staying power in the market, and just another reason the all-time high could be broken again at any minute.