Bitcoin hit a fresh all-time high of $51,736.59, and its market cap soared to over $900 billion for the first time recently.
This makes Bitcoin’s market cap larger than that of the biggest banks in the U.S. combined, including JPMorgan, Bank of America and Citigroup.
Criptocurrencies are now being viewed as a safe-haven asset against inflation and market volatility. The current economic conditions also bring about a situation for people to hold less cash and stay shielded against market unpredictability.
The volume of on-chain bitcoin transactions notched a fresh all-time high earlier last week of $156.03 billion. The daily average for transactions also hit $115 billion – the highest ever recorded on Coinbase.