Bitcoin breached yet another significant milestone of $1 trillion market capitalization, passing Tesla and Tencent to become the sixth most valuable asset in the world.

A Remarkable Rise in Bitcoin Market Cap

Top Companies in Market Capitalization. Source: AssetDash

At $53,700, Bitcoin recorded a market capitalization of $1 trillion for the first time ever.

The market value of Bitcoin is calculated by multiplying the circulating supply with BTC’s market price. The fully diluted market capitalization of BTC at a total supply of 21 million comes up to $1.15 trillion.

Bitcoin enthusiasts celebrated the event by adding a Cyclops-like laser eye to their profile pictures and trending a hashtag #LaserRayUntil100K. 

Source: Twitter

The CTO of Tether, Paolo Ardoino, spoke with Crypto Briefing on the matter.

“Bitcoin was built on communities of developers, miners and retail investors, and while the interest from institutions has helped solidify its role as digital gold, its future depends on the continued success and support of the hive mind.”

The hive mind is clearly out in full force on crypto Twitter today.

Stimulus and Tax Season May Impact Price

In the U.S., the stimulus checks and income taxes are due in the next month. The relief amount in the next round of the stimulus package is expected to be $1,400 for individuals earning below $75,000 adjusted gross annual income.

Moreover, the tax season may see some individuals book profits for the year from their crypto portfolios.

While the former is expected to have a positive impact on the market, the tax season deadline of mid-April can cause a short-term correction in the market.

The total market cap of crypto markets is $1.7 trillion, nearing the $2 trillion threshold set by some institutions.

Disclosure: The author held Bitcoin at the time of press.