After a mottled recovery of Wednesday night, cryptocurrencies across the board surged after more investors poured their money into the digital currency game. The global market cap increased by 4.65 percent in less than 24 hours, sitting comfortably at $1.79 trillion.
This surge in asset prices has allowed digital currencies to make more progress as compared to gold’s market cap. It’s worth mentioning that as of 17th March 2021, the value of all crypto-assets is 25 percent of gold’s total market cap. Leading that charge is Bitcoin, which gained 4.9 percent since yesterday, and is currently valued north of $58,000.
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How is This Happening?
Trends from analytics firm CoinDesk show that crypto prices surged when Chinese tech firm Meitu announced a purchase of $49 million worth of Bitcoin and Ethereum.
Listed firm Meitu has announced new cryptocurrency investments, with purchases of $28.4 million in ether and $21.6 million in bitcoin. It now holds $90 million-worth of both cryptocurrencies.
Via @Dan_Z_Palmer https://t.co/JA2yvRrZql
— CoinDesk (@CoinDesk) March 17, 2021
The acquisition takes the Chinese firm’s digital holdings to around $90 million. Analysts interpret this as a positive sign of Bitcoin’s popularity among big-time corporations.
Speaking of big businesses, Morgan Stanley has also joined the BTC bandwagon, becoming the first U.S. bank to offer access to crypto funds to its wealthy clients.
According to a @CNBC report, Morgan Stanley is launching access to three funds that enable #Bitcoin ownership.
— Binance (@binance) March 18, 2021
As these stories surfaced online, Bitcoin went on a bullish charge, making a 24-hour high of $59,576. Ethereum’s gains were somewhat sheepish, or rather more modest than that of Bitcoin. It leapfrogged the $1,800 mark, albeit slowly, after increasing by 1.8 percent.
In the mid-level caps, this week’s rising star Cardano added 10 percent more to its pile, taking its worth past $2 billion, more than the Binance coin.
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Americans have started receiving $1,400 checks through Joe Biden’s much-anticipated $1.9 trillion stimulus package. A new poll on Twitter suggests that much of these funds could end up in the crypto streets. If that happens, an “estimated $40 billion could easily flow into Bitcoin”.
