Bitcoin surges past $45,000, bringing total crypto market capitalization back to $2 trillion

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2022-02-10 20:53:17

Continuing the growth momentum in the past few days, Bitcoin officially recorded a value of over 45,000 USD in the early afternoon of February 8, 2022. The move lifts the total cryptocurrency market cap, which has rebounded above $2 trillion after a long, dismal day in early January of this year.

Bitcoin surpasses $45,000, bringing market cap back to over $2 trillion

Bitcoin surpasses $45,000, bringing market cap back to over $2 trillion

Since the end of December 2021, the bitcoin market has plummeted, causing investors to face the risk of losing up to $ 2.5 billion when the value drops to $ 33,000. Fortunately, the past two weeks, BTC has returned to momentum as nearly $500 billion has returned to the market.

Specifically, on January 24, the total market capitalization fluctuated around $1.5 trillion. After that, the market gradually stabilized again with an increase of more than 36% and returned to the threshold of $ 2.080 billion on February 7, 2022.

In which, Bitcoin (BTC) still accounts for the largest proportion with 39.4% market share and Ethereum (ETH) is 17.9%.

As such, it is certain that the volatility of BTC value has a large impact on the total value of the market and of course the traction will largely depend on this coin.

With the total market capitalization returning to over $2 trillion, Bitcoin once again enters the top 10 most valuable assets with an estimated overall value of $840.57 billion.

Movements of organizations and countries on cryptocurrencies

Movements of organizations and countries on cryptocurrencies
Movements of organizations and countries on cryptocurrencies

The fluctuations in the value of Bitcoin are greatly influenced by the actions of major countries and organizations around the world in the field of cryptocurrencies in general and BTC in particular.

According to experts, although the market’s growth momentum was halted due to pressure on UK tax regulations, the supportive moves of countries and organizations were the driving force behind prices. Bitcoin value continues to increase again these days.

Specifically, after the news of the cryptocurrency ban at the end of January, the Russian government decided to “turn the wheel” and agreed to develop a roadmap for managing this currency. Previously, this ban created a sell-off because the number of Russians owning cryptocurrencies accounted for 12% of the total market capitalization with 200 billion USD.

In addition, a series of countries such as the US, South Korea, Iran, Malaysia, etc. have begun to plan to research and deploy CBDC – a cryptocurrency dedicated to central banks this year.

In particular, El Salavador’s determination about Bitcoin is also a driving force contributing to the rebound of this coin as well as the cryptocurrency market in general. Despite the demands and backlash, President Nayib Bukele has shown his determination to develop Bitcoin in the country.

Besides, the investment actions of a number of institutions, most notably the MicroStrategy deal that continued to buy another $25 million in Bitcoin in early February also contributed to the rebound. Following the acquisition, the company’s Bitcoin stockpile surpassed 120,051 BTC, with an average price of $30,200 per BTC. Faced with the downward trend at that time, the director of MicroStrategy still confirmed that the company had a strategy to accumulate more BTC this year.

Besides, other altcoins also recorded growth in the first days of February. Although accounting for a small proportion, the steady increase of Altcoins is also one of the factors contributing to the increase in total market capitalization. Cryptocurrencies are back above $2 trillion.

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