Bitcoin Hits New All-Time High of $53.2K, Inches Towards $1trillion Market Cap

Bitcoin (BTC) recorded another all-time peak of $53,194 as the numero uno crypto is on course to become an asset with a market cap of $1 trillion. At the time of writing this article, Bitcoin was trading at $52,742, an increase of 2.4% in the last 24 hours.

Notably, for the last two days, Bitcoin was able to hold above $50,000 and is now charting fresh gains. At about $53,600, Bitcoin’s market cap will surpass $1 trillion for the first-time.

Grayscale, the cryptocurrency investment giant, has bought another $87 million worth Bitcoin for its Bitcoin Trust (GBTC) as per latest data from Bybt, the on-chain tracking facility. Bybt’s data indicates that 1,672 Bitcoin’s were added to Grayscale’s popular fund, which is now worth more than $34 billion.

Including the latest Bitcoin and other investments, Grayscale’s aggregate assets under management (AUM) breached $40 billion for the foremost time. After Bitcoin, the next valuable crypto asset held by the firm is Ethereum Trust, which contains roughly $6 billion worth ETH.

CEO Michael Sonnenshein affirmed on Twitter that “AUM has doubled since 1/1/2021.”

In recent times, Grayscale has slowed down the purchase of Bitcoin, in comparison to the rate at which it bought at the start of this year. During the same period, the frequency of Ether purchases has increased following a two-month halt.

The initiative has come at a time when institutions continue to be active in the crypto market. MicroStrategy, which already possesses more than 70,000 Bitcoins, has affirmed that it would raise $900 million in financing for boosting its Bitcoin holdings.

Statement by BlackRock, the world’s biggest wealth management company with about $7 trillion worth assets under management (AUM), also seemed to indicate that it was looking to hold Bitcoin to some level.

Earlier this month, Sonnenshein told CNN “It’s really about recognizing the benefits of owning Bitcoin. There’s certainly the diversification angle.”