New Delhi: Bitcoin has already gained 25 per cent in January, following its more than 300 per cent gain in 2020.
The second largest cryptocurrency ‘Ethereum’ has soared over the past 12 months reaching a total gain of 860 per cent last week, after trading above $1,200 for the first time since early 2018.
According to Sumit Gupta, CEO and co-founder of cryptocurrency exchange ‘CoinDCX’, the market capitalisation of Crypto to $1 trillion is a strong testament that it is here to stay.
According to CoinDesk, some of those large investments have come from firms like technology firm MicroStrategy, which has scooped up more than 70,000 BTC with plans to buy more.
London-based asset manager ‘Ruffer Investment’ out $740 million into Bitcoin towards the end of 2020.
“The $1 trillion mark cements cryptocurrency as a investable asset class that no longer sits on the fringes of Traditional Finance as a toy for retail investors,” Jack Purdy, decentralised finance analyst at Messari, an online database for the crypto industry, was quoted as saying.
“It demonstrates that this asset class is large enough to absorb large orders like we’ve seen recently with the slew of institutions entering over the last few months.”
