Market capitalization of virtual currencies surpasses $1 trillion

Market capitalization of virtual currencies surpasses $1 trillion - Bitcoin exceeds $37,000

(Bloomberg) - The market capitalization of the virtual currency market surpassed $1 trillion for the first time on July 7. Bitcoin once again hit a new record high.

According to data from CoinGecko, the market capitalization of virtual currencies has quintupled in the past year. Strategists believe that demand from speculative small traders, trend-following quantitative funds, and wealthy individuals, combined with the entry of institutional investors, has boosted the price.

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Bitcoin temporarily rose 4% to over $37,000. Bitcoin's market capitalization is about two-thirds of all virtual currencies, while the second largest, Ether, has about 14%. Ether has risen 62% so far this year.

The price of virtual currencies has been rising amid fiscal and monetary stimulus. JP Morgan Chase has estimated that the long-term target for bitcoin is $146,000.

Are bitcoins genuine coins?

Bitcoin is not a real currency, despite the fact that there are a few bitcoin ATMs scattered throughout the globe. Spending occurs via the exchange of public and private security keys from one user's virtual wallet to another user's virtual wallet.

Owners of Bitcoin ATMs

With 15,140 machines, Genesis Coin leads all producers of bitcoin ATMs, followed by General Bytes (7,965 machines) and BitAccess (5,549). The top three operators of bitcoin ATMs are CoinFlip (9.7%), CoinCloud (14.1% of the market), and Bitcoin Depot (19.1%).

How much should I initially invest in Bitcoin?

According to Vrishin Subramaniam, founder and financial planner at CapitalWe, investors who are interested in cryptocurrencies should invest between 2 and 5% of their net worth in it. For the majority of clients who don't follow the cryptocurrency markets more than once a week, we typically see two to three percent.

What makes individuals opposed to bitcoins?

In its current state, Bitcoin poses three problems for governmental control: it cannot be regulated, criminals utilize it, and users can get through capital regulations. Bitcoin will continue to be regarded with suspicion by established authorities up to the point at which its ecosystem reaches maturity.

How many bitcoins are needed to reach millionaire status?

To have the same amount today, you would have needed to spend $160 in Bitcoin in January 2012, $440 in January 2013, or $24,000 in January 2014. To have $1.2 million today, you would have needed to invest almost $450,000 in Bitcoin by January 2018.