Bitcoin Hits N11.8m ($25k) For the First Time in History Surpassing Visa Market Capitalization
The price of bitcoin (BTC) topped N11.8m Naira~$25,000 for the first time ever in history. This is just weeks after breaking $24,000 for the first time ever.
The price of the leading cryptocurrency continued its recent bull run, setting a new all-time high of $25,005.53 before falling back to $24,808.23 at the time of writing.
Institutional investors are said to be the driving force behind the torrid run setting new records. Bitcoin is up 240% from the beginning of the year.
Top three notable institutional investors perceived to have invested heavily on Bitcoin includes:
- Anthony Scaramucci’s Skybridge Capital ($25 million in December).
- MassMutual ($100 million in December).
- Guggenheim (up to 10% of its $5 billion macro fund).
The new high has now valued Bitcoin, the largest cryptocurrency by market cap above Visa, the financial services giant, to about $462 billion.
The current milestone, once again, comes at the time the country’s economy is facing a downturn. The value of naira to dollar has so far appreciated from near N500 naira to N472 per $1.
Moreover, the country has passed Latin-America to take the second spot as the country that utilized/searched bitcoin most in 2020, coming right behind USA.
Quick Facts: Bitcoin (BTC) is the largest cryptocurrency by market capitalization. It surpassed the Visa Market Capitalization on 25th December 2020 at $25,000 price per BTC.
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from DiutoCoinNews.