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Bitcoin (BTC-USD) market value passes $1 trillion with single unit value rising above $54k

Bitcoin market valuation has recently skyrocketed throughout the starting months of 2021.

TJ Denzer

February 19, 2021 11:22 AM

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In the midst of the US Stock Market fracas that hit the likes of GameStop, AMC, and other retail stocks, various cryptocurrencies also saw quite some fluctuation. Dogecoin got its share of attention, but it was barely anything in comparison to the massive shift in Bitcoin (BTC-USD) value. Aided by the turmoil of the stock market back in late January and early February, as well as the reveal of heavy investment and adoption of acceptable payment by Tesla, Bitcoin’s market value has passed over $1 trillion and its single unit value climbed over $54,000 this week.

Bitcoin’s market value move past the $1 trillion mark was reported by cryptocurrency and blockchain news site CoinDesk on Friday, February 19, 2021. According to reports, the currency has gained about 350% value in just the last six months and has taken on significantly more value in very recent months as various large-scale institutions and corporations take a larger interest in the cryptocurrency. A look at the recent valuation of Bitcoin shows the currency going from a low of around $30k back on January 27 to more than $54k per unit as of this time of writing.

One major factor in the major climb of Bitcoin value has been the revealed interest and investment of Tesla and CEO Elon Musk in the currency. What began as Musk simply including “#bitcoin” in his Twitter bio came to be a hint leading up to Tesla’s reveal that it had converted $1.5 billion USD into Bitcoin cryptocurrency and would begin accepting Bitcoin as acceptable forms of payment sometime in the future. Bitcoin’s value took large jumps around both of these events and continues to rise with further corporate investment.

It remains to be seen where the skyrocket in Bitcoin value will ebb off, but having passed the trillion dollar mark, it’s safe to say it’s a better time than ever for those who invested in the cryptocurrency. Stay tuned as we continue to follow this story for further details and information.

TJ Denzer

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.