The bitcoin price rose this week, reached the $ 58,000 level yesterday for the second time in its history. But even more remarkable than the high price, the milestone was again obscured in its total market capitalization: $ 1 trillion.
The bitcoin market value is the measure of the total value of all its offerings – the USD price of a single bitcoin multiplied by the total number of bitcoin that exists. With 18,651,861 BTC released and each bitcoin costing more than $ 57,000 at the time of this writing, according to Clark Moody Bitcoin, the total market capitalization is now over $ 1.06 billion.
The market capitalization broke $ 1 billion for the first time on CNBC on February 19, and bitcoin reached its all-time high of $ 58,355 on February 21, according to Clark Moody. The fact that it hangs around this price level again just a few weeks later may indicate that new highs of all time are at hand.
Although the USD price of a single BTC is often the measure that gets more attention, bitcoin’s market capitalization can be more informative than a measure of the value of the network. The market capitalization is more directly responsible for the amount of bitcoin mined out of the total of 21 million. It can also be a useful way to compare bitcoin with other asset markets or corporations.
As the BTC price and market capitalization continue to rise due to the most bubbling price run in history, which has been going on since March 2020, it becomes more difficult to analyze the specific action prices in a week. But the latest surge can be attributed to recent announcements of institutional exposure to bitcoin, an increase in corporate interest in bitcoin mining, advances in promoting a more friendly legislative environment for bitcoin businesses, or other recent news.