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HomeCryptoBitcoin surpasses $50,000, bringing the market capitalization to over $1 trillion.

Bitcoin surpasses $50,000, bringing the market capitalization to over $1 trillion.

Bitcoin

Following Tuesday’s CPI-induced fall, Bitcoin (BTC-USD) continued its multi-day bull run Wednesday, bringing its market capitalization back to more than $1 trillion.

The largest cryptocurrency by market value rose 6.1% to $51.6K at 9:27 a.m. ET, the highest level since December 2021. Ether (ETH-USD) rose 4.6% to $2.76K, its highest level since May 2022.

According to CoinMarketCap, the worldwide crypto market capitalization increased by 3.8% to $1.93 trillion. BTC and ETH together account for roughly 70% of the total cryptocurrency market value.

Traders are anticipating bitcoin’s (BTC-USD) all-time high of over $69K in November 2021. At the time, its market capitalization stood at $1.28 trillion. It will be fascinating to watch if the buying momentum (a higher-lows trend) can hold as the price approaches the record high.

The risk-on session boosted many cryptocurrency-related stocks. In premarket trading, cryptocurrency exchange Coinbase (COIN) increased 7.2%, Michael Saylor’s MicroStrategy (MSTR), which has approximately 190K BTC on its balance sheet, increased 8.5%, and bitcoin (BTC-USD) miner Riot Platforms (RIOT) increased 10.2%. Trading platform Robinhood Markets (HOOD) rose 15.9% after reporting a surprising Q4 profit and noted that crypto revenue of $43 million increased 10% year on year.

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