Currently trading at over $55,000 for 1 bitcoin, the cryptocurrency is now ranked the 6th most valuable asset in the world surpassing the $1 Trillion market capitalisation.
As at the time of writing this report, it is trading at $55,475.70. The market value of Bitcoin is calculated by multiplying the circulating supply with BTC’s market price. The fully diluted market capitalization of BTC at a total supply of 21 million comes up to $1.164 trillion. However, according to Coinbase, there are only 18.6 million bitcoins in circulation.
On Tuesday, it broke the $50,000 mark building on a rally fuelled by signs that the world’s biggest cryptocurrency is gaining acceptance amongst mainstream investors.
It has now joined the league of Apple, Saudi Aramco, Microsoft, Amazon and Alphabet (Google’s parent body).
Bitcoin price has risen more than 80% so far this year fuelled by recent interests from companies such as Elon Musk, Tesla, Mastercard and Twitter. The interest in Bitcoin has also seen investors enthusiastically scooping up other cryptocurrencies as well. Recently we witnessed the rise of Dogecoin due to Elon Musk’s endorsement.
The total market cap of crypto markets is $1.7 trillion, nearing the $2 trillion threshold set by some institutions.
2 Comments
Pingback: Cryptocurrency Exchange Coinbase Files to go Public | Innovation Village | Technology, Product Reviews, Business
Pingback: Kraken CEO Jesse Powell Says Bitcoin Could hit $1 Million or More in the Next Decade | Innovation Village | Technology, Product Reviews, Business