Bitcoin market capitalization hits new all-time high after more than two years

Quick Take

The market capitalization of the world’s foremost cryptocurrency reached a new all-time high of $1.303 trillion in U.S. dollar terms.
Bitcoin’s previous market capitalization peak was in November 2021.

The market capitalization of the world's foremost cryptocurrency, Bitcoin, has reached a new all-time high in U.S. dollar terms.

Bitcoin's previous market capitalization peak was in November 2021, when it topped ~$1.302 trillion. It afterward declined to ~$297.309 billion a year later, in November 2022, before increasing to new heights today.

The market cap of bitcoin hit $1.303 trillion after prices reached a high of $66,405 at 14:57 UTC, according to The Block's bitcoin price page. There were 19,644,481 bitcoin in circulation at that time.

A cryptocurrency's market capitalization is derived from multiplying the total number of coins or tokens in supply by the current spot price of a single coin or token. Therefore, Bitcoin's market cap will appreciate at a faster rate than its price, since new coins are continually being mined.

Bitcoin's price appreciation in recent months has largely been attributed to the approval of spot exchange-traded funds in the United States — which have, so far, seen significant inflows.

Bitcoin's total market capitalization has increased by more than 135% since the start of the year.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.