Bitcoin breaches the mark of $50,000,all time high

Bitcoin reached a new all-time high of $50,001.35 Tuesday morning, just days after breaking above $48,000 for the first time. The cryptocurrency's latest pop pushes 2021 gains to 69%. With this the market capitalization of nearly $925 billion. BTC all-time high is that we are now seeing validation of this space from the broad adoption from institutional investors and corporations.

Over $400 million in bitcoin futures have been liquidated over the past 24 hours, according to Bybt, as the crypto has rallied more than 5% over the same period. The latest spike comes as major US companies have recently announced shifting assets to Bitcoin to diversify portfolios and warm to cryptocurrencies.

What excites me about this BTC all-time high is that we are now seeing validation of this space from the broad adoption from institutional investors and corporations. For an asset class to be fully adopted, a variety of buyers should exist: retail, institutional, corporate and financial actors. We are now seeing a great mix of investors and these are great signs that we are hitting the inflection point of digital asset adoption.

An expert says, USA is driving the crypto market, If we saw from the month of October, when PayPal announced that it would allow customers to use cryptocurrencies to shop at 26 million merchants on its network.

The biggest difference between 2017 and now is not the price between $20k and $50k, instead, it's that infrastructural support and channels to use and acquire digital assets are becoming widely available. We are seeing cryptocurrency companies going public, institutions like BNY Mellon offering custodial services, to Mastercard providing crypto payment rails. Consumer demand is driving these developments and we are on our way to a point where digital assets will be used in everyday life.

Bitcoin futures contracts on the Chicago Mercantile Exchange hit a high of $50,500. Bitcoin's latest record high follows a flurry of institutional and corporates interest in the leading cryptocurrency. Apart, from small retail investors, large Wall Street investment banking firms also plan to buy or invest in Bitcoin and other cryptocurrencies. The expert further quoted, it may grow further and it is end less.

The narrative of Bitcoin becoming the digital gold is gaining traction. If that narrative comes to fruition, then the growth potential is off the charts as $50,000 per BTC equates to a market cap of roughly $931B, which is almost 9% of Gold at roughly $10.6T market cap. If BTC meets Gold’s market cap, then that would be at least $500,000 per BTC.