Bitcoin market capitalization hits new all-time high after more than two years

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The Block2024/03/04 15:14

By:Adam James

The market capitalization of the world’s foremost cryptocurrency reached a new all-time high of $1.303 trillion in U.S. dollar terms.Bitcoin’s previous market capitalization peak was in November 2021.

Bitcoin market capitalization hits new all-time high after more than two years image 0

The market capitalization of the world's foremost cryptocurrency, Bitcoin, has reached a new all-time high in U.S. dollar terms.

Bitcoin's previous market capitalization peak was in November 2021, when it topped ~$1.302 trillion. It afterward declined to ~$297.309 billion a year later, in November 2022, before increasing to new heights today.

The market cap of bitcoin hit $1.303 trillion after prices reached a high of $66,405 at 14:57 UTC, according to The Block's bitcoin price page . There were 19,644,481 bitcoin in circulation at that time.

A cryptocurrency's market capitalization is derived from multiplying the total number of coins or tokens in supply by the current spot price of a single coin or token. Therefore, Bitcoin's market cap will appreciate at a faster rate than its price, since new coins are continually being mined.

Bitcoin's price appreciation in recent months has largely been attributed to the approval of spot exchange-traded funds in the United States — which have, so far, seen significant inflows .

Bitcoin's total market capitalization has increased by more than 135% since the start of the year.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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