Bitcoin surpasses $51,000, reaching $1 trillion market cap for first time since 2021

[midian182]

What just happened? Good news for Hodlers who held onto their Bitcoin throughout the digital currency's rough couple of years: BTC has passed the $51,000 milestone, pushing its market cap past $1 trillion for the first time since 2021. The strong performance is being felt in the rest of the crypto market, too.

Bitcoin had a horrific 2022. With the collapse of TerraUSD and FTX, the crypto winter wiped $1 trillion off the value of the crypto market. Bitcoin was under $17,000 in December 2022, a far cry from its $69,000 high just a year earlier.

But Bitcoin's price made a slow and steady recovery across 2023, rallying by more than 150%. It hit a 21-month peak of over $45,000 last month and has been mostly trending upwards ever since.

Bitcoin's price over the previous 12 months

At the time of writing, Bitcoin's price is $51,807. The last time it was this high was in November 2021. Its market cap – the value of all Bitcoin in circulation – is now above $1 trillion for the first time in over two years.

Bitcoin's price dipped after the SEC approved Bitcoin exchange-traded funds (ETFs) in January, but there has been high demand for the ETFs since then; they allow investors to buy a product that tracks the price of Bitcoin without having to hold the currency directly.

Moreover, anticipation for April's halving, an event that happens every four years in which the amount of bitcoin awarded to miners is cut in half, has further pushed up the price of Bitcoin. Based on previous halvings, BTC's price is expected to rise following the event.

Bitcoin's performance is pushing the other big cryptocurrencies to their highest prices in years. It's seen the total value of the crypto market edge close to $2 trillion.

The bad old days

While this is all welcome news for crypto holders, a resurging market is always going to concern PC gamers for whom the memory of graphics cards selling at three times their MSRP (where available) still lingers. Surging crypto prices were a major part of the problem back in 2021, but it's worth remembering that massive demand from stay-at-home gamers and pandemic-related chip shortages exacerbated the situation.

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https://www.techspot.com/news/101883-bitcoin-surpasses-51000-reaching-1-trillion-market-cap.html

 

[Theinsanegamer]

The whales are getting ready for another dump I see. Just in time for elections.

 

[DubiousFishHook]

Is this a paid ad from someone that wants to fish email adresses or a joke?

What will probably be next is hairdryer farms generating revenue.

Please stop covering "bitcoin".

 

[letsgoiowa]

There is no longer a correlation between Bitcoin and GPU prices. You haven't been able to mine BTC from GPUs profitably in almost a decade now. Ethereum went proof of stake ages ago too.

 

[redgarl]

GPU prices were linked to Ethereum before the PoC.

 

[ScottSoapbox]

You haven’t been able to mine on GPUs profitably for years.

Please spend 10 minutes learning the basic facts before writing an article on a topic.

 

[Neatfeatguy]

I'm surprised that bitcoin has made a resurgence like it has.

 

[Hollow]

I'm surprised that bitcoin has made a resurgence like it has.

It will climb higher everytime, you just need to be patient.
I definitely wouldn't buy it right now if my goal was to make quick bucks but it will go higher than 60k someday. Could be tomorrow, or in the next 2 years but it would still be a 20% profit even if you bought bitcoin at 50k.

 

[VitalyT]

Every financial pyramid needs to exceed greed and stupidity before it ends in tears. At the top of tulip-mania, you could buy a very nice house for the price of one tulip, only then it collapsed for good. Bitcoin will be no different. And the only people trying to convince you otherwise are those promoting the pyramid and plain *****s who know nothing of the history of finance.

In a few years, the world will forget Bitcoin because it will exhaust its upper potential and the financial crooks will leave it to promote a fresh pyramid, to start it all over again, which is an endless loop, that's how it always plays out, while the fool always pays.

Satoshi Nakamoto left the world of crypto, because he was trying to create something good for the world, only to realize later that he created a platform for spawning financial pyramids.

 

[wiyosaya]

It will climb higher everytime, you just need to be patient.
I definitely wouldn't buy it right now if my goal was to make quick bucks but it will go higher than 60k someday. Could be tomorrow, or in the next 2 years but it would still be a 20% profit even if you bought bitcoin at 50k.

Or it could be never.

 

[Hollow]

Or it could be never.

It will because I just came back from the future to buy bitcoins.

 

[Gregtombstone]

Another bunch of saps are going to squeezed lol.

 

[Theinsanegamer]

I'm surprised that bitcoin has made a resurgence like it has.

I'm not. If the last decade has taught me anything, it s that the average person has an IQ squarely around room temperature, and if it weren't for the efforts of a dedicated few, would be in debt to every tom, ****, and jim on earth with something to sell them.

If all the scams, ponzis, and pyramid schemes that rip through the crypto industry almost daily are not enough evidence for them, nothing can stop them. And there's a sucker born every minute.....

 

[NumberNine]

I would love to see someone trying to viably mine bitcoin on a GPU in 2024.

 

[Kashim]

What's that old saying? What goes up must come down. Once the whales who were HODL'ing start to cash out the price of Bitcon will crash again in a spectacular fashion. Anyone who believes otherwise is delusional. It's assumed that each peak will be higher than the previous one followed by a lower bottom, but this is not guaranteed. So we'll have to wait and see how it plays out.

Instead of crypto I'm investing my money in buckets. They will come in handy for catching the tears of all the suckers who will be crying themselves to sleep after being seduced by the siren call of free money falling from the sky.

 

[arrowflash]

There is no longer a correlation between Bitcoin and GPU prices. You haven't been able to mine BTC from GPUs profitably in almost a decade now. Ethereum went proof of stake ages ago too.

There are still a few GPU mineable cryptos around, outside the BTC and ETH ecosystems. It's unlikely they'll impact GPU prices even if we have a 2017-style crypto market bullrun. But with crypto you never know, one of them might go viral and end up screwing things even more again for those who just want to buy a GPU for gaming.

 

[Burty117]

This was actually great for me, I sold my original Steam Deck to my Brother for about £200 worth of Bitcoin. It almost tripled in value and has effectively paid for my OLED. Thanks Bitcoin, only time you’ve been useful to me.