Bitcoin gains $220.24bn in one month, trades at $40k

The market capitalization of Bitcoin gained $220.24bn in 30 days according to the analysis of data on CoinMarketCap, TopNaija reports.

On July 8, 2021, BTC opened trading at $33,889.61. It had a high of $33,907.91, a low of $32,133.18 and closed trading at $32,877.37. Its market cap was $616,492,852,697 and it closed with a trading volume of $29,910,396,946.

On August 7, 2021, BTC opened trading at $42,832.80, had a high of $44,689.86, a low of $42,618.57, and closed trading at $44,555.80. Its market cap was $836,730,623,772 and it closed with a trading volume of $40,030,862,141.

Higher trading volumes mean more positive activity in the BTC market, which indicates greater investor security.

The resurgence of BTC prices has been sustained since August 8, with BTC trading at sustained levels beyond $40k.

BTC prices began to dip in May, after Elon Musk said that Tesla wasn’t going to accept it as a form of payment again. China’s continued crackdown on BTC mining also affected the market.

Musk has since said Tesla would begin accepting BTC again once mining of the digital currency becomes more environmentally friendly.

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.