CoinGapeNews

Bitcoin (BTC) Flips Australian Dollar In Valuations, BTC Network Transacts $137,000 Every Second

On Monday, March 29, Bitcoin (BTC) made a strong move above $58,000 with its market cap touching $1.09 trillion. As it turns out, Bitcoin’s valuations at the current price have helped it flip the fifth more powerful global currency aka the Australian Dollar (AUD).
The global circulation of AUD is just a little less at $1.08 trillion. The important point here is, Bitcoin (BTC) is really gaining massive popularity as the global currency and it is about time that it will soon challenge the like of the U.S. Dollar.

#Bitcoin is now larger than the Australian Dollar (M1). pic.twitter.com/TtyVPCMQSc
— Documenting Bitcoin (@DocumentingBTC) March 29, 2021

The Bitcoin network activity is another measure of how it has become one of the most widely traded asset classes worldwide. As per data on CoinMetrics, the Bitcoin (BTC) network now transactions $137,000 every single second. While it seemed unbelievable at one point in time, Bitcoin has proved every government and financial institution wrong.
Courtesy: CoinMetricsFurthermore, it proves that Bitcoin as a ‘store-of-value’ is a better liquid asset than gold. Bitcoin overwhelmingly dominates other cryptocurrencies when it comes to daily trading volumes. This is because BTC remains the most preferred choice of institutions among other cryptocurrencies.
Bitcoin’s Strong Demand Among Corporates
Also, corporate entry into Bitcoin with Tesla leading has stirred up strong price action. On the other hand, Square Inc which has invested nearly $150 million into Bitcoin over the last few months is extremely bullish about its future. During an interview with Fortune’s CFO …
Story continues on CoinGape

Related posts
CoinGapeNews

Polkadot Price Forecast: DOT recovery becomes an uphill battle while overhead pressure mounts

Polkadot hits a snag under $35, abandoning the upswing to highs past $40. DOT seeks support at the 50 SMA on the 4-hour chart while trying to avert declines under $30. Polkadot had staged an impressive recovery on Monday, extending…
Bitcoin.comcouncilEuropeGovernmentIsland CouncilNewsPedro MartínSell BitcoinSpainSpain Bitcoinspain bitcoin taxSpain CryptoTenerife

Spanish Island Government Decides to Sell Its Bitcoin Investment by Citing ‘Ethical’ Reasons

Bitcoin is not liked by everyone from the Island Council of Tenerife, Spain. At least that’s what was suggested by its president, Pedro Martín, who ordered the sale of the local government’s investment in cryptocurrency. Bitcoin Is an ‘Opaque’ Currency,…
NewsNews 1RippleSocialTrading ViewXRP

XRP holders claim major victory over SEC as court grants permission to file motion to intervene

In what is a major victory for many in the XRP Community, Attorney John Deaton has been granted permission to file a motion to intervene in the ongoing case between the SEC and Ripple Labs on behalf oThe post XRP…