As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market cycles and transformations. The recent surge of Bitcoin to an all-time high of $81,000 and a total market capitalization of $1.6 trillion is undoubtedly a significant milestone in the crypto industry’s history.
Reaching an unprecedented market value of $81,000 per unit, Bitcoin’s overall market cap surpassed $1.6 trillion for the very first time since its inception in 2009.
On November 11th, Bitcoin (BTC) surpassed a market capitalization of $1.62 trillion during the ongoing bull run, simultaneously causing the overall cryptocurrency market capitalization to reclaim its previous high of $2.71 trillion, as per data from CryptoMoon Markets Pro and CoinMarketCap.
Over the past 15 years, the increase in Bitcoin’s price has guaranteed a profit for every Bitcoin investor, based on data from Blockchain.com. This means that any Bitcoin investments that were not sold during the preceding 8,900 days have seen an increase in their worth, as demonstrated in the following illustration.
Currently, there are approximately 19.78 million Bitcoins in circulation, which is the total amount available on the market. If Bitcoin were to reach its maximum supply of 21 million tokens, the fully diluted market capitalization would be around $1.7 trillion.
One key factor driving Bitcoin’s ongoing expansion is the increasing involvement of institutional investors, the supportive attitude towards cryptocurrency shown by the recently elected U.S. President Donald Trump, and overall optimism among investors.
More recently, in February 2024, Bitcoin managed to reach a market capitalization of one trillion dollars, as its value soared beyond $51,000. Yet, it found difficulty maintaining this significant level because of the effects of the Bitcoin halving event.
Bitcoin’s latest jump to $80,000 has sparked a belief among many investors that this could be the start of the much-awaited Bitcoin bull run.
On November 10th, Bitcoin expert Tuur Demeester advised Bitcoin investors to remain patient with their investments, resisting the temptation to make hasty, short-term decisions such as selling off their assets.
As a crypto investor, I’m keeping a close eye on the market, just like Glassnode lead analyst James Check, who goes by “Checkmatey.” He recently expressed that the gap between Bitcoin’s current price and its 200 Day Moving Average (DMA) remains relatively small. This means there’s still potential for Bitcoin’s price to grow further, according to his expectations.
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2024-11-11 12:32