Bitcoin’s market cap worth $1trn
After getting close towards the end of February, bitcoin broke above $60,000 over the weekend.
The cryptocurrency’s previous all-time high of $58,332 was just under a month ago and has threatened on a number of occasions since to go past the $60,000 mark.
While previous milestones have been surpassed in a mild manner, bitcoin went past its recent marker with conviction. However, the digital currency has fallen by 8.83% in the past 24 hours to $55,528.
Nigel Green, chief executive and founder of deVere Group, says regulation must now become a major priority as the price of bitcoin hit a new record high, surging past $61,000 on the deVere Crypto exchange on Sunday for the first time.
“Whether crypto cynics like it or not, there’s no getting away from the fact that Bitcoin is becoming an increasingly important part of the global financial system,” Green said.
“Bitcoins in circulation are now worth $1 trillion, with prices having rallied 890% over the last year. Most major financial institutions, including investment giants and payment companies, are now backing the world’s largest cryptocurrency, and there’s ongoing soaring interest from retail investors.”
“The move towards digital currencies is going to increase – and at pace – over the next few years. This is why financial regulators must now make regulation of the crypto sector a major priority.”
“With a growing dominance, Bitcoin and other cryptocurrencies must be held to the same standards as the rest of the financial system with a robust, workable international framework.”
It was a similar story for the other major cryptocurrencies, including Ethereum, which surged before dropping by over 7% in the last 24 hours.