The trading price of the cryptocurrency hit a massive all-time high of $4,483.55 in trade on Tuesday, continuing the bullish rally seen in the past couple of weeks, according to respected industry website CoinDesk. Bitcoin did dip slightly to $4,265.29 on the day but overall the surge has been viewed as massively positive.
Bitcoin’s market capitalisation which means the total number of coins in circulation times by the price a hit $73.5 billion when the record high was hit, showed late data from Coinmarketcap. This makes it the highest market capitalisation at this point.
If bitcoin was actually a stock (something it isn’t as a currency), it would be the around the seventieth biggest by capitalisation which is just a shade behind giants Adobe and Netflix on the S&P 500. Adobe has a massive market cap of $73.6 billion trading giant Netflix is worth $73.8 billion, putting bitcoin close to both. It has already overtaken major stocks such as PayPal, Costco, and Salesforce and on the Nasdaq figures show it would be the twenty-fourth largest stock by market cap.
Many investors see bitcoin as a commodity or currency that also has a finite supply at 21 million bitcoin which will not be reached for a few years yet.
This latest surge is suspected to have been buoyed by rising demand from Japan, increasing interest from more traditional investors but more importantly in a larger sense, bitcoin now being viewed as a safe haven investment from rising geopolitical issues.