Bitcoin is approaching a trillion dollar market capitalization, with the total value of all Bitcoins exceeding $ 900 billion for the first time today, with the price reaching new records.
Bitstamp, one of the oldest Bitcoin exchanges still in operation, registered a peak price of $ 49,000, resulting in a passing market capitalization of $ 912.69 billion. Bitcoin currently costs $ 47,250 per coin, an increase of 5% in the last 24 hours and 28% in the last seven days.
A market capitalization of $ 900 billion represents the increase of $ 354 billion in 2021 alone. The previous all-time record for Bitcoin’s market capitalization was set on February 8, when it peaked at $ 888 billion.
Bitcoin currently accounts for 61% of the total market capitalization of all cryptocurrencies, which has also reached an all-time high, as most major altcoins have risen along with Bitcoin. The market capitalization of all cryptocurrencies reached $ 1.463 trillion today – gaining 88.5% in 2021 so far, after starting the year at $ 776 billion.
According to CompaniesMarketCap, a website that ranks the most traded assets in the world by their market capitalization, Bitcoin is now the ninth largest asset in the world, surpassing Facebook and Tesla last week. When put on a list of nations by GDP, Bitcoin’s $ 900 billion is between the countries of Mexico ($ 1.04 trillion) and the Netherlands ($ 886 billion).
The new Bitcoin highs came on the day of the approval of the first Bitcoin ETF in North America, in the same week that news emerged that Tesla bought $ 1.5 billion of BTC and amid a regulatory atmosphere that has been increasingly increasingly friendly with developments related to cryptocurrency in fintech.
Earlier this month, the Biden administration created a buzz in the cryptography community by nominating some crypto-friendly personalities to senior positions, potentially signaling the opportunity for a greater degree of cooperation between regulatory forces and blockchain-based companies.