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.


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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