Bitcoin market value closes in on GDP of Africa’s largest economies
- 12th March 2021
- Posted by: Hakeem
- Category: Crypto
It’s no longer news that the world’s most valuable crypto in recent days has been enjoying a record-buying spree among institutional investors, leading it to break above $1 trillion once again.
The fast-rising crypto-asset market’s valuation of $1.08 trillion almost equals the GDP of Africa’s three biggest economies which include Nigeria ($443 billion), Egypt ($362 billion), and South Africa ($283 billion) combined ($1.088 trillion).
Source; Statista African countries with the highest Gross Domestic Product (GDP) in 2020
On the corporate level, Bitcoin’s market value has already surpassed Tesla’s, the world’s most valuable car company that currently has a market valuation of $664 billion. It stands within striking distance of superseding the market value of Google, the world’s most popular search engine ($1.42 trillion)
At press time, Bitcoin traded at $58,019.99 with a daily trading volume of about $57 billion. Bitcoin is up 2.20% for the day.
Global investors and crypto experts anticipate that Bitcoin’s trajectory remains optimistic. There is no doubt, 2021 continues to shape up as a very exciting year for Bitcoin.
The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard, and America’s oldest bank, BNY Mellon, showing support for Bitcoin. Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies, including Bitcoin.
PayPal and the world’s largest asset fund manager, BlackRock, have also made big moves to support crypto.
Also, Bitcoin buyers right now are extremely strong HODLers, meaning that Bitcoin seems to be in its first great consolidation of the 2021 bull market. However, crypto experts anticipate that Bitcoin is still in a bull cycle amid prevailing price correction in play.