The market capitalization of Bitcoin, the most popular cryptocurrency worldwide, has risen to a record high in terms of US dollars.
In November 2021, the market capitalization of Bitcoin reached a height of over $1.302 trillion. After that, in November 2022, it dropped to about $297,309 billion, before rising to new heights today.
According to CoinmarketCap data, the market capitalization of Bitcoin topped $1.316 trillion with a peak price of $66,961 at the time of writing. At that moment, 19,644,550 Bitcoin were in use.Â
The market capitalization of a cryptocurrency is calculated by multiplying the total quantity of coins or tokens in circulation by the spot price of a single coin or token as of right now. Because new coins are always being created, Bitcoin’s market capitalization will increase more quickly than its price.
The current surge in the price of bitcoin has been mostly ascribed to the US government’s licensing of spot exchange-traded funds, which have attracted substantial inflows thus far.
The current surge in the price of bitcoin has been mostly ascribed to the US government’s licensing of spot exchange-traded funds, which have attracted substantial inflows thus far.
Since the beginning of the year, the overall market valuation of Bitcoin has climbed by about 135%.
Also Read: Bitcoin Hits Record High in Europe, Sparks Global Buzz
