The market capitalization of the world's foremost cryptocurrency, Bitcoin BTC -2.16% , 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.