Bitcoin's market cap is on the verge of setting a new all-time high, currently valued at $1,25 trillion.
The total value of Bitcoin’s circulating supply on the market is currently at $1,25 trillion, according to data from CoinMarketCap. Its current all-time high, which was set in November 2021, was $1,27 trillion, meaning that Bitcoin is very close to setting a new milestone in terms of market capitalization.
The price of Bitcoin, the largest cryptocurrency on the market, has grown by around 22% this week, and by 46% since the beginning of 2024, trading at its highest level in the past two years.
Source: CoinMarketCap
Bitcoin has seen an impressive surge in recent weeks, driven by growing institutional demand for the cryptocurrency. Currently, the pace of BTC buying and accumulation by firms that have been authorized to launch a Bitcoin spot ETF in the United States is impressive.
According to the data, large Bitcoin ETF firms hold 770.276 BTC in reserves, at present. This is 1,5% more than the bitcoins that these same firms had in reserves on February 29, and 13,4% more than what they had in reserves on February 9, less than a month ago. This data reveals the great appetite that investors have for the cryptocurrency.
A new ATH is imminent for Bitcoin
At the time of writing this article, the price of Bitcoin has reached a value of $64.000 per unit, so the leading cryptocurrency is getting closer to establishing a new historical maximum price or ATH (All-Time High), which represents the highest value reached by an asset in its entire history.
Bitcoin's last ATH of $68.789,63, according to CoinMarketCap data, was set on November 10, 2021.
Source: CoinMarketCap
After touching a price of $15.000 in 2022, the market-leading cryptocurrency has been steadily recovering, fueling the interest of users, investors, and the crypto community, in general.
Cryptocurrency market cap hits $2,4 trillion
Fueled by Bitcoin's bull run, the cryptocurrency market capitalization surged to $2,4 trillion, growing by 20%, in the past 7 days.
The combined value of all cryptocurrencies and tokens on the market has returned to levels from 2 years and 2 months ago, when the value of Bitcoin was around $50.000 per unit. This jump has been triggered by the bull run that the largest cryptocurrency on the market is currently experiencing, which as mentioned at the beginning, has been driven by the approval of spot ETFs and increased institutional demand. Also, the proximity of the fourth halving on the Bitcoin network has been positively influencing its price.
According to data from CoinMarketCap, Bitcoin accounts for 52,3% of the current value of all cryptocurrencies on the market, which is $2,40 trillion.
Source: CoinMarketCap
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