Bitcoin's market value tops $1 trillion

The trillion-dollar market value club has a new member: bitcoin. The total number of bitcoins trading are now collectively worth more than $1 trillion....

Posted: Feb 19, 2021 2:52 PM

The trillion-dollar market value club has a new member: bitcoin. The total number of bitcoins trading are now collectively worth more than $1 trillion.

That's because the price of a bitcoin hit a number of new all-time highs Friday. One bitcoin currently costs around $55,000 -- and there are about 18.6 million bitcoins in circulation according to Coinbase. (The total number of bitcoin eventually available is capped at 21 million.)

Of course, it's not an apples-to-apples comparison to look at bitcoin versus big firms with sky-high valuations like Apple. But for what it's worth, only four companies in the United States currently are worth more than bitcoin: Apple, Microsoft, Amazon and Google owner Alphabet.

Bitcoin currently is worth about $225 billion more than Tesla, the company that is most responsible for the most recent surge in the cryptocurrency's price.

The Elon Musk-led electric car juggernaut announced earlier this month that it now owns $1.5 billion's worth of bitcoin in its corporate coffers. Tesla also said it was looking at letting consumers use bitcoin to buy its cars and SUVs.

That news has sparked speculation that other big companies may soon add bitcoin or other cryptocurrncies to their balance sheets, since bitcoin is generating a significantly higher return than bonds and cash.

Corporate America is validating bitcoin. Payments giants Square and PayPal let their users buy and sell it. Credit card processing behemoths Visa and Mastercard are also embracing cryprocurrencies.

And a top strategist at BlackRock, the world's largest asset manager, said on CNBC this week that the company has "started to dabble" in bitcoin as an investment.

All this has helped spark a wave of buying by average investors. Consumer research firm Piplsay wrote in a report Thursday that half of the more than 30,000 consumers it surveyed this week about bitcoin said they felt it was "safe" to invest in cryptocurrencies.

Bitcoin prices have surged more than 80% so far this year, and investors are enthusiastically scooping up other cryptocurrencies as well. Ethereum, the world's second largest cryptocurrency with a total value of about $220 billion, has more than doubled this year.

And the price of dogecoin, a currency that originally started as a dog meme-based joke, also has skyrocketed this year following several bullish tweets about it by Musk and support from traders on Reddit.

Huntsville/Redstone
Clear
42° wxIcon
Hi: 67° Lo: 37°
Feels Like: 42°
Muscle Shoals
Partly Cloudy
40° wxIcon
Hi: 69° Lo: 30°
Feels Like: 40°
Huntsville/Madison
Partly Cloudy
34° wxIcon
Hi: 67° Lo: 29°
Feels Like: 34°
Decatur
Clear
36° wxIcon
Hi: 69° Lo: 30°
Feels Like: 36°
Fort Payne
Partly Cloudy
33° wxIcon
Hi: 68° Lo: 31°
Feels Like: 28°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Alabama Coronavirus Cases

Cases: 499819

Reported Deaths: 10148
CountyCasesDeaths
Jefferson720331403
Mobile36423741
Madison32708469
Tuscaloosa24457422
Montgomery22805523
Shelby22276219
Baldwin19935289
Lee15083161
Calhoun13963296
Morgan13801255
Etowah13419327
Marshall11460215
Houston10130264
Elmore9515190
Limestone9440139
St. Clair9057228
Cullman9000183
Lauderdale8630214
DeKalb8509175
Talladega7647165
Walker6601260
Jackson6552104
Autauga634792
Blount6256128
Colbert6010121
Coffee5261104
Dale4685107
Russell408134
Franklin400879
Covington3999107
Chilton3922104
Escambia379573
Tallapoosa3637143
Clarke344553
Chambers3434111
Dallas3428142
Pike293173
Marion288996
Lawrence286287
Winston258668
Bibb246558
Marengo245357
Geneva240670
Pickens226357
Barbour213951
Hale212969
Fayette202857
Butler201666
Henry183741
Cherokee178240
Monroe166739
Randolph165441
Washington157136
Macon147845
Crenshaw146955
Clay146254
Cleburne140341
Lamar133933
Lowndes133151
Wilcox123125
Bullock117736
Conecuh107224
Perry106427
Sumter101032
Coosa90324
Greene88932
Choctaw56123
Out of AL00
Unassigned00

Tennessee Coronavirus Cases

Cases: 783484

Reported Deaths: 11547
CountyCasesDeaths
Shelby880221518
Davidson82248874
Knox46569589
Hamilton40761463
Rutherford38847388
Williamson25536204
Sumner21597320
Montgomery17563213
Out of TN1726097
Wilson16662211
Unassigned15872126
Sullivan14527275
Blount14213185
Bradley13111141
Washington12856234
Maury12284162
Sevier12182165
Putnam10671170
Madison10143232
Robertson9043121
Anderson8113158
Hamblen8097166
Greene7317145
Tipton6986103
Coffee6442115
Dickson6303106
Gibson6204141
Cumberland6141123
Carter6004155
McMinn597593
Roane595096
Bedford5848120
Loudon574566
Jefferson5729119
Lawrence558283
Monroe540691
Warren533777
Hawkins530298
Dyer5250101
Franklin477185
Fayette469373
Obion437195
Lincoln416762
Rhea416373
Cocke404696
Cheatham398744
Marshall393157
Campbell383759
Weakley380060
Giles375997
Henderson362674
Carroll349481
White340366
Hardeman339465
Macon337973
Hardin332463
Lauderdale310043
Henry301875
Marion296345
Scott289144
Wayne288830
Overton286758
Claiborne285369
McNairy269353
Hickman267941
DeKalb267651
Haywood265260
Smith258336
Grainger245246
Trousdale240122
Morgan231438
Fentress230344
Johnson217538
Chester202748
Bledsoe201410
Crockett197447
Unicoi182247
Polk179822
Cannon178930
Union174234
Grundy170530
Lake167926
Sequatchie157727
Humphreys155821
Decatur154437
Benton151339
Lewis147625
Meigs127023
Jackson125734
Stewart124825
Clay107231
Houston103932
Perry103628
Moore94716
Van Buren79820
Pickett74823
Hancock50012

Community Events