Bitcoin continues its race of victories, what is happening?

Bitcoin continues to garner more wins as more and more news convenient to the largest crypto assets comes out of the industry. With each passing day, Bitcoin becomes too important to ignore, as it has become the eighth largest asset in the world by market capitalization and the third largest currency in terms of total value in circulation.

Last Friday, Deutsche Bank Research released a report titled "Bitcoin: can the tinkerbell become a self-fulfulling prophecy". The report says that Bitcoin is here to stay and has become too important to ignore. The report summary says:

“Bitcoin's market capitalization of $ 1 trillion makes it too important to ignore. The big players who buy and sell bitcoins have considerable market movement power. As long as asset managers and businesses continue to enter the market, Bitcoin prices could continue to rise.

According to statistics, the total value of Bitcoin of $ 1.07 trillion is around 102% of the yen in circulation, 65% of the euros, 53% of the USD and 904% more than the GBP. But despite these bullish market conditions, the asset will remain ultra-volatile, as few major purchases and exits from the market could significantly affect the balance of supply and demand.

The report further states that central banks and governments have understood that cryptocurrencies are here to stay, and they are expected to start regulating crypto assets late this year or early next year.

By market capitalization, Bitcoin is registering new achievements. As at the time am writing this report, the market value of bitcoin is now worth more than the value of the three largest payment companies in the world combined. With that, Bitcoin is now also the eight largest asset in the world . Now only five companies are worth more than Bitcoin, including Apple, Saudi Aramco, Microsoft, and Amazon.

Additionally, companies involved in Bitcoin mining are also enjoying good times, as according to Leeor Shimron, Vice President of Digital Asset Strategy at Fundstrat Global Advisors, Bitcoin mining stocks have been much more profitable  than Bitcoin itself over the years. last 12 months. According to the analyst, the average return on shares in the four largest publicly traded mining companies (Marathon Digital Holdings, Riot Blockchain, Hive Blockchain and Hut 8) has been 5,000%, while BTC has gained 900% over the same. period.

Some sources also suggest that Microsoft has also started accepting Bitcoin as payment for its Xbox platform.

Since its inception, Bitcoin has been declared dead about 400 times. But with a few ups and downs, he kept climbing the ladder, and now he's an asset no one can ignore.