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bitcoin market cap all time high
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Bulls In Control: Total Bitcoin Market Cap Achieves New All-Time High

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 3 mins read
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Bitcoin still has some room to climb before setting a new all-time high in the price per BTC. However, the current market cap of Bitcoin is now currently larger and more valuable than it was back when the cryptocurrency traded higher.

Here’s an explanation of how the leading cryptocurrency by market cap set a new record before a new peak price was set.

Bitcoin Achieves Milestone New Record All-Time High Market Cap

Last night, Bitcoin price spiked to well over $18,000, potentially putting in a short-term peak after a breathtaking eight-week rally, each new week adding another $1,000 to the asset’s price.

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As the price per BTC is traded and buyers and sellers attempt to establish a fair market price, whatever the cryptocurrency trades at multiplied the supply of coins provides the total asset’s market capitalization.

Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap

Bitcoin holding stong above a $200 billion market cap throughout the bear market, is one of the key reasons MicroStrategy CEO Michael Saylor chose the cryptocurrency to store his company’s excess treasury reserves. His bet paid off well, and the capital has grown enormously since the buy was coordinated.

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Since the buy was made, Bitcoin’s market cap has ballooned to over $330 billion, setting a new all-time high. The price per BTC hasn’t set a new record just yet, but because the circulating supply has increased by over one million BTC over the last year due to the block reward miners receive. The lower price yet higher supply still resulted in a larger market cap for the top cryptocurrency.

bitcoin btc market cap

The total Bitcoin market cap has set a new all-time high | Source: CRYPTO-CAP BTC on TradingView.com

How The Cryptocurrency’s Market Cap Compares At $330 Billion USD

Bitcoin is the most dominant cryptocurrency in the space, taking up as much as 67% currently of the nearly $500 billion total crypto market cap.

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Ethereum is next in line with $50 billion, and the size of the cap shrinks the further you go down the list. The last-ranked coin in the top ten, Cardano, only captures just 1% of Bitcoin’s capital allocation.

bitcoin market cap

List of publicly traded companies by market cap | Source: Large Caps on TradingView.com

At a market cap of $330 billion, Bitcoin is now more than $100 billion more valuable than payments giant PayPal – the company that recently announced support for crypto, igniting the bull market.

Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017

The cryptocurrency is also larger than  Comcast, Coca-Cola, Verizon, Disney, and Home Depot. It is creeping up right behind tech firm Nvidia, which makes GPUs that are often used for cryptocurrency mining.

Above Nvidia, is Mastercard, and slightly higher up on the list is JP Morgan Chase, whose very own CEO Jamie Dimon has been one of the cryptocurrency’s biggest enemies over the years.

Bitcoin has already overtaken Bank of America, and it should serve as a shining example that these archaic institutions are no longer needed, and a decentralized world of digital finance is the way of the future.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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