Bitcoin Surpasses $67k, Establishes Unprecedented Market Capitalization of $1.3 Trillion
Bitcoin has witnessed a remarkable upsurge, with prices reaching $67,000 ahead of the upcoming halving event next month. In a groundbreaking development, Bitcoin’s market capitalization has soared to a new milestone, exceeding $1.32 trillion and surpassing its previous peak in November 2021, when it reached around $1.3 trillion. This surge in market capitalization represents a staggering increase of over 135% since the beginning of the year.
The lowest market cap Bitcoin has ever experienced was approximately $297.3 billion in November 2022. This calculation is based on the current circulation of 19,644,550 bitcoins, as reported by CoinMarketCap.
In the cryptocurrency world, market capitalization is determined by multiplying the total circulating supply of a digital asset by its current price per unit. This unique calculation method allows Bitcoin’s market cap to grow at a faster rate than its price, thanks to the continuous mining process and the addition of new coins to circulation.
The recent surge in Bitcoin’s value can be primarily attributed to the approval of spot exchange-traded funds (ETFs) in the United States. These ETFs have witnessed significant inflows, attracting a large number of investors.
In related news, Tether (USDT), a prominent stablecoin in the crypto market, has reached a record market capitalization of $100 billion amidst the ongoing recovery of the cryptocurrency market.
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