Bitcoin hit a $1 trillion market capitalization for the second time early Tuesday as the price of the world’s most popular cryptocurrency rallied to a two-week high.
The cryptocurrency climbed above the $54,000-level early Tuesday as institutional support for bitcoin continues to climb steadily, shrugging off concerns about its volatility.
“The exuberance that propelled stocks upwards in the past decade appears to be favoring cryptocurrency,” said Paolo Ardoino, CTO of Bitfinex. “The interesting thing is that bitcoin was invented against a backdrop of massive stimulus measures that fueled asset prices.”
On Monday, Norway’s Aker ASA, a $6 billion industrial holding company that controls construction and oil services companies, said that it set up a unit dedicated to investing in bitcoin and blockchain technology. The unit, called Seetee AS, is initially capitalized with around $58.6 million.
“Bitcoin may still go to zero. But it can also become the core of a new monetary