Bitcoin's market cap hit a new milestone on March 11, surpassing $1,43 trillion for the first time in its history.
The market capitalization of Bitcoin, the market-leading cryptocurrency, rose to $1,43 trillion after BTC recorded a new all-time high (ATH) on March 11.
After an increase of more than 6% in less than 24 hours, the price of Bitcoin went from trading at $67.824 dollars to $ 72.850,71 dollars, thus establishing a new all-time high price, according to data from CoinMarketCap.
Source: CoinMarketCap
This level surpasses the $72.000 threshold, which many analysts had considered a key resistance for the cryptocurrency price.
Although Bitcoin has corrected slightly in recent hours, trading around $71.900 per unit, the bullish streak it has been experiencing in recent weeks has made it the eighth most valuable asset in the world, in terms of market capitalization.
Bitcoin is among the 8 largest assets in the world
As can be seen in the data from the CompaniesMarketCap platform, which ranks the largest companies and assets in the world by their market capitalization, Bitcoin has consolidated its position among the 8 most valuable assets on the market.
The current BTC bull run, which is taking place amid high demand from institutional and retail investors, has seen its market capitalization surpass giants like JPMorgan, Tesla, and Berkshire Hathaway. Furthermore, thanks to Bitcoin’s impressive performance in recent weeks, the cryptocurrency is leaving corporate giants like Meta Platforms behind and has surpassed other major companies like Visa, Walmart, and Mastercard.
Source: CompaniesMarketCap
With the new record set by Bitcoin on March 11, reaching an ATH of $72.850 and a capitalization of $1,43 trillion, the cryptocurrency also has surpassed one of the world's best-known precious metals: silver.
According to the platform's data, Bitcoin's market cap is $1.600 billion higher than that of silver at present.
At the time of writing this article, Bitcoin's daily trading volume on the market exceeds $64.000 billion, demonstrating its high demand and liquidity. It is worth mentioning that the number of bitcoins in circulation is currently 19.651.693 units, out of a maximum limit set by its protocol of 21 million units, which means that there are less than 1.4 million bitcoins left to be mined.
Factors behind Bitcoin's bullish trend
According to some market analysts, the frenzy surrounding new Bitcoin-based exchange-traded funds (ETFs) in the US market has a lot to do with BTC's current bullish trend.
In addition to this, analysts argue that another bullish catalyst for the cryptocurrency price is next halving, the Bitcoin block reward halving event, taking place in April. This event, scheduled on the network to occur every 210.000 blocks mined, decreases the reward paid to Bitcoin miners for processing new blocks on the network by 50%.
Halvings have already happened three times since Bitcoin was created in 2009, and the fourth halving event is coming up, which will reduce the Bitcoin reward from 6,25 BTC to 3,125 BTC.
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