Bitcoin's market cap is back above $1 trillion

Bitcoin • October 6, 2021, 2:09PM EDT
UPDATED: October 6, 2021, 2:53PM EDT
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Bitcoin's market capitalization has once again eclipsed $1 trillion. 

At the time of publication, Bitcoin was trading at $54,708, putting the market cap at approximately $1.03 trillion.

Bitcoin broke $50,000 for the first time in 100 days last month after a steep downturn to just below $30,000 in July. At that time, it was changing hands around $50,200, with market cap making its way towards the $1 trillion mark but never quite reaching it.

The market cap stalled at $989 billion on September 7 before the price took a downturn back to the mid-$40,000s. 

This is the first time since May of this year market capitalization has surpassed $1 trillion. The last time was May 10, 2021, when the market cap reached $1.06 trillion. In the early months of 2021, the Bitcoin market cap was regularly breaking the $1 trillion mark before May's downturn.

AUTHOR

Aislinn Keely profile picture Aislinn Keely

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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