Bitcoin has surged to a remarkable milestone, reaching an all-time high price of $67,000 ahead of the anticipated halving event next month.
In tandem with this surge, Bitcoin’s market capitalization has also achieved a new record, surpassing $1.32 trillion. This milestone marks a significant increase from its previous peak in November 2021, which stood at approximately $1.3 trillion. Notably, since the beginning of the year, Bitcoin’s total market capitalization has soared by over 135%.
It’s worth noting that Bitcoin’s market cap had hit its lowest point around $297.3 billion back in November 2022. This calculation is based on the current circulation of 19,644,550 bitcoins, as reported by CoinMarketCap.
In the realm of cryptocurrency, market capitalization is determined by multiplying the total circulating supply by the current price of a single unit. This mechanism allows Bitcoin’s market cap to grow faster than its price due to ongoing mining activities and the addition of new coins to circulation.
The recent surge in Bitcoin’s value can be primarily attributed to the approval of spot ETFs (Exchange-Traded Funds) in the United States. These ETFs have experienced substantial inflows, further fueling the bullish momentum in the Bitcoin market.
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