After Surpassing $1 Trillion M-Cap, Bitcoin Continues Its Rally To Hit Record Of $58,354 On Sunday

<p>Bitcoin, the world's most popular cryptocurrency, continued its rally on Sunday, rising to a new high of $58,354, gaining around 20% in the week and almost doubled since the start of 2021.&nbsp;</p> <p>Bitcoin extended its two-month rally that took its market capitalization above $1 trillion on Friday with gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc, and BNY Mellon.</p> <p>Tesla chief Elon Musk, the world's most prosperous with a personal wealth of $199 billion according to Bloomberg Billionaire Index, said Saturday that bitcoin and Ethereum prices "seem high" shortly after Bitcoin hit new records over $56,000 with more than $1 trillion of market capitalization. A couple of days ahead, Musk said on Thursday that owning bitcoin was just a little better than holding conventional cash, the marginal difference made it a better asset.</p> <p><strong>Musk Defends Investing In Bitcoins</strong></p> <p>Last week, Bitcoin reached a historic milestone on Tuesday, breaking the $50,000 mark for the first time in a dizzying rally, especially after Musk's electric vehicle company Tesla Inc. announced a $1.5 billion investment in cryptocurrency. However, Tesla's exposure to bitcoin fuelled talk about the risks and benefits of adding digital currencies to corporate balance sheets.</p> <p>Musk defended Tesla's move to invest in Bitcoins. In a tweet, Musk said, "Tesla's action is not directly reflective of my opinion. Having some bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&amp;P500 company." He also argued that owning bitcoin was just a little better than holding conventional cash, but the marginal difference made it a better asset.</p> <p><strong>Gaining Acceptance Among Mainstream Investors</strong></p> <p>Bitcoin sustained its rally above the $50,000 mark after MicroStrategy, the world's largest publicly traded business intelligence company announced that it would borrow $600 million to buy more Bitcoins.</p> <p>Twitter CEO Jack Dorsey last week announced setting up a $24 million trust along with rap icon Jay-Z to make bitcoin "the internet's currency."</p> <p>This month, America's oldest bank, BNY Mellon, announced the launch of a new digital custody unit this year to help clients deal with digital assets, including cryptocurrencies.</p> <p>The announcement came a day after Mastercard announced that it would start supporting select cryptocurrencies directly on its network.</p>

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