Cryptocurrencies such as bitcoin (virtual currency) are rising again thanks to the acquisition of institutional investors.
â—‡ Bitcoin surged 8%, recovering market cap of $1 trillion : Bitcoin, a representative cryptocurrency, surged close to 8% and recovered a market cap of $1 trillion thanks to the acquisition of institutional investors.
As of 7:30 a.m. on the 1st (Korean time), Bitcoin is recording $57,269, up 7.49% from the previous 24 hours in CoinMarket Cap. As a result, the market capitalization of $1 trillion has also recovered. Bitcoin’s market cap is $1.07 trillion.
The reason why cryptocurrencies such as bitcoin rose sharply on this day is because institutional investors viewed the recent drop in bitcoin as an opportunity to buy at a low price and bought a large number of cryptocurrencies.
It was revealed that the purchase of bitcoin by institutional investors in the fourth quarter of last year was ahead of ants (individual investors). According to CoinDesk, it was confirmed that the institution bought 64% more bitcoins than ants.
It has been confirmed that the recent market is not driven by ants, but by institutions. In fact, companies are buying cryptocurrencies one after another, such as Tesla’s recent purchase of $1.5 billion worth of Bitcoin.
At the same time, on Upbit, a trading site in Korea, bitcoin is trading at 67636,000 won, up 5.99% from 24 hours ago.
â—‡ Dojicoin also surged 9%, rising to the 6th place in the market cap : Not only Bitcoin, but also Dojicoin is rising rapidly.
Dogecoin has risen from the 7th market cap to the 6th market cap thanks to the surge. Dogecoin has risen to the fourth place in the market cap when it is in full swing.
Dogecoin is recording 33.48 cents, up 8.75% from 24 hours ago at the coin market cap at the same time. The market cap is 44.3 billion dollars.
Dogecoin is on the rise again recently after Elon Musk, Tesla’s CEO, referred to himself as “the father of Dogecoin.”
Dogecoin surged 8.75% on this day as well as 41.25% in the last 7 trading days. Dogecoin’s highest price is 43 cents, recorded on the 19th of last month.
At the same time, Dogecoin is trading at 398 won on Upbit, a Korean trading site, up 9.64% from 24 hours ago.
â—‡ Ethereum is weak, but it seems to be an adjustment due to the recent surge : Compared to this, Ethereum, which is the second largest market cap, is showing weak growth.
Ethereum is recording $2752, down 0.32% from 24 hours ago at the coin market cap at the same time. This seems to be an adjustment following the recent surge.
Ethereum has recently been in the limelight as an alternative cryptocurrency for bitcoin, such as the European Investment Bank’s announcement that it will issue euro bonds using the Ethereum network.
