Nov 19, · Bitcoin rose above $18, on Wednesday, to its highest in three years, and its market capitalization has hit an all-time record of $ billion. The price has closed above $17, on only five Author: Shalini Nagarajan. Nov 17, · At press time, Bitcoin's market cap totals $,,,, according to data from CoinMarketCap. According to the same source, BTC's market cap reached $,,, on Nov. 12, while closing at $16, This figure, however, declined back to $,,, within three days. Now, it is about to breach the $ bln level. The supply slowly increases, so total market cap better represents where the market is over time.” BTC market cap peaked at around $ billion according to Coinmarketcap, which is $5 billion higher than it was during the December 17, peak of $20K.
Bitcoin market cap over timeAltcoin Market Cap Jumps 10%, Is It Time For Alts to Finally Pick Up? -
Major institutional players like Stanley Druckenmiller, BlackRock, Bill Miller, and Jack Dorsey have acknowledged that bitcoin is not only going away, but is becoming a reserve asset and validating the digital gold thesis, Hileman said. That is about 17 million wallets created since December The exchange saw a broadening of adoption and ownership of crypto assets this year as more people continued to want in on acquiring the token.
As many as million people own crypto assets today, according to Hileman. He noticed a lot of the recent price action was driven by institutional investors, based on transactions that occur on the chain, and is unlike the retail investor frenzy of On-chain demand and other metrics suggest that the rally was driven more by institutional hedge funds, family offices, and money managers.
Hileman expects to see continued buy-in from retail and Wall Street investors going forward, rather than corporates. That's because it is harder for bigger players to participate than professional investors who already have accounts and easy access to major exchanges, he explained. As for the US dollar, the researcher expects the world's most popular reserve currency to be digitized sometime in the next five years.
The status quo is working well for the dollar because it is dominant through the SWIFT mechanism and the corresponding banking system, he said.
The US government can also raise debt at attractive interest rates, supporting the dollar's status. This increases the possibility of the digital asset closing a CME gap anytime soon. This makes Bitcoin the first and only cryptocurrency on the list.
As investors are excited about this feat, an expert believes there is a cause for concern. According to a Bitcoin analyst and contributor, Michael Van De Poppe, there is no correct support for the current Bitcoin price. He pointed out that the Bitcoin price lacks volume to make it retain its feat making a potential correction inevitable. The reason for the recent Bitcoin rally is highly linked to the announcement by PayPal about giving cryptocurrency payment access to 26 million merchants worldwide.
Also, the recent reduction of the block mining reward from In these cases, supply is reduced and the increasing demand pushes the price up. The other factors that determine the Bitcoin price seem to be strong enough to make the new round of COVID infections not visible on its price. Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing.
With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation.