Bitcoin continues to soar, inching closer to its all-time record price of $69,044 reached in November 2021. Recording an increase of almost 200% since the beginning of the year and 26% in the last 7 days, Bitcoin is already breaking records, particularly in terms of its market capitalization.
Bitcoin continues to break records as its ATH fast approaches
Up almost 200% since the beginning of the year, and 26% over the last 7 days, Bitcoin has never come so close to its all-time high price of $69,044, reached in November 2021.
While all eyes are on King Bitcoin (or memecoins for some) for this purpose, the latter has already broken a record: that of its market capitalization. Its previous record was set at the same time as its ATH, at around $1.302 trillion, to be beaten today at $1.307 trillion.
Evolution of Bitcoin’s market capitalization from 2019 to today
While this may seem counter-intuitive at first given that Bitcoin hasn’t regained its previous ATH in terms of price, it’s actually explained by the distribution of new Bitcoins since 2021.
Effectively, the market capitalization of a cryptocurrency results from multiplying the number of coins in circulation by its current price. So, even with a lower price, BTC’s market capitalization appreciates faster than in the previous cycle due to new BTC issued since.
Evolution of the number of BTC in circulation since the launch of Bitcoin
As for Ether, its current market capitalization remains at around $145 billion of its previous ATH, also reached in early November 2021.
Contrary to Bitcoin, the number of Ethers in circulation is continually decreasing, and this is due to The Merge update, this is what is known as “Ultrasound Money”.
Evolution of the number of ETH and BTC in circulation
Bitcoin is currently trading at around $67,000, while Ether has just passed the $3,600 mark. In addition to this record market capitalization, BTC also exceeded 60,000 euros for the first time in its history today
