Bitcoin crossed the market cap of $1 trillion on Friday after the recent rally triggered by huge institutional demand. The world’s largest cryptocurrency has crossed 10% of the total value of mined gold.
According to the data compiled by Gold.org, the precious metal has a total market cap of around $10 trillion. As of writing, gold is trading near $1,800 and the price of one Bitcoin is around $56,000. The value of one BTC is nearly equal to 1 kilogram of Gold.
Bitcoin’s recent price rise has increased anonymous cryptocurrency transactions. Whale Alert reported a transaction involving 4,501 BTC worth more than $250 million from crypto exchange Coinbase to an unknown wallet.
Over the past 24 hours, 17,700 BTC worth over $1 billion has left Coinbase. Finance Magnates reported a crypto transfer involving the movement of 2,292 BTC worth over $100 million from Coinbase to an unidentified digital wallet.
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Leading investment firms around the world are treating Bitcoin as a hedge against the weaker US Dollar. Tesla recently announced its $1.5 billion Bitcoin investment, and MicroStrategy raised nearly $1 billion to purchase more BTC.