Bitcoin Market Cap Tops $1 Trillion Again as Price Rebounds

BySamson Ononeme

Feb 14, 2024
The total market capitalization of Bitcoin crossed the symbolic $1 trillion threshold this week, underscoring the meteoric rise of the world's largest cryptocurrency.

Key Insights

  • Bitcoin’s total market value topped $1 trillion again as price rebounded above $51K over the past month.
  • Bitcoin’s market cap exceeds the GDPs of countries like Turkey and UAE amid rising investor interest.
  • Upcoming 2024 bitcoin “halving” event expected to ease selling pressures and aid further price gains.

NEW YORK (MarketsXplora) – The total market value of Bitcoin’s circulating supply crossed the $1 trillion threshold this week after the cryptocurrency’s price surged above $51,000, data from CoinMarketCap showed.

BTC last crossed $1 trillion in November 2021 when a six-week price surge peaked at a record high of $69,000, before the token slumped as low as $32,950 by early 2023.

Bitcoin’s current circulating supply is around 19.6 million BTC, representing 93.46% of its hard-capped maximum supply of 21 million. With Bitcoin trading above $51,000, the market cap of the 19.6 million coins in circulation tops $1.002 trillion.

Bitcoin Market Cap Tops One Trillion
The total value of circulating Bitcoin breached the $1 trillion mark. Source: CoinMarketCap

Analysts said the gains highlight growing mainstream acceptance of digital assets as an investment class, as evidenced by the launch of the first U.S. bitcoin futures ETFs last year. The recent crypto market boom has been fueled by surging interest from both retail and institutional investors.

“Crossing the $1 trillion market cap again shows Bitcoin’s resilience and how far it has come to be considered a legitimate asset class and store of value,” said Stephen Ethan, analyst at MarketsXplora.

The #1 cryptocurrency’s market cap now tops the GDPs of countries including Turkey, the Netherlands, Saudi Arabia and Switzerland. Its total value is also bigger than the market caps of payment giants Visa Inc and Mastercard Inc combined.

Still, Bitcoin is highly volatile and its price has also suffered steep falls in recent years – underlining the risks for investors. Some financial executives, including JPMorgan CEO Jamie Dimon, have also criticized Bitcoin and questioned its long term viability.

Bitcoin’s next major milestone is the so-called halving in April 2024, when mining rewards will be cut in half. Many analysts believe that event could spur further gains in value, although some warn that it could also drive many miners out of business due to lower profitability.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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