Bitcoin’s Market Cap Hits All-Time High

Bitcoin keeps booming and booming! What a dream the past few weeks have been to witness, Bitcoin as a whole has grown stronger and stronger and this is so different from 2017.

Bitcoin’s Market Cap Hits All-Time High

According to publicly-available market data, bitcoin’s market capitalization has hit a new all-time high, eclipsing its highest mark ever of $328.89879 billion, set on December 16, 2017, per Coin Metrics.

Market capitalization is determined by an asset’s individual price, multiplied by its total supply. At the time of this writing, according to cryptocurrency exchange Bitstamp, the bitcoin price reached $17,756 and, according to Bitcoin data aggregator Clark Moody, the supply has reached 18,546,019.15 BTC. With that total listed supply at that listed price, bitcoin has a market capitalization of $329.303116 billion.

Though the price of a single bitcoin measured in USD tends to garner the most mainstream media attention, the network’s market capitalization may be an even more critical measure of its value. It indicates the relative value of Bitcoin as a system, as opposed to the value of a single bitcoin.

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Master Asked on November 17, 2020 in Bitcoin.
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