Bitcoin’s Market Cap Hitting a Record High Before Its Price

  • November 18, 2020
  • Jennifer Moore

As per bitcoin’s recent rally, the latest leg witnessed a huge push in the market cap beyond $330 billion. It has happened since prices rallied beyond $17750 in late November 17th. This rise led to a push in the leading crypto’s total market capitalization to over $315 billion, short of the $335 record.

After the yearly lows, below $4000 during March, Bitcoin had rebounded by higher than 330% when the prices crashed beyond 50% within a single day. From January 1st, Bitcoin, as the leading cryptocurrency, has gained 130%. As per market studies, the previous record capitalization of Bitcoin of $328.3 billion was recorded on December 16th, 2017. It was in the record of the all-time high, compared to prices, of the markets rally for testing $20,000.

With that being stated, the latest record for market capitalization comes with Bitcoin’s price itself failing to smash into new highs. It can be explained – the expanding Bitcoin supply is the reason behind it.

While 16.746 million amounts of Bitcoin roughly existed on December 16th, 2017, higher than 1.8 million Bitcoins have ever since been mined. This equates to a 10.75% supply expansion of Bitcoin. It indicates that Bitcoin can have a higher market capitalization, thereby considering the lower price of today’s Bitcoin. Moreover, the combined market capitalization of all crypto has additionally pushed beyond $500 billion, since February 2018, for the first time.

Exceeding Market Capitalisation of Bitcoin:

As per market sources, Bitcoin’s market capitalization exceeds the publicly listed organizations based in Nations like Iran, Belgium, Philippines, Sweden, and Norway. The market capitalization is higher than double in nations such as Poland, Columbia, Qatar, Denmark, and Vietnam.

Compared to organizations featured within the market capitalization of S&P 500 companies, the market capitalization of Bitcoin roughly $13 billion. But, some would say that comparing Bitcoin to organizations is not pretty illuminating. Rather it should be converted to commodities or some additional asset class. With that being stated, other than the all-time high milestone of Bitcoin, some researchers recognize negligence of mainstream media coverage on Bitcoin’s recent gains.

Also Read: Turning Out To Be Less Risky As An Investment

As per information, in some tracks of social media Crypto-related sentiment, Bitcoin-related news volume has witnessed a notable spike from early November. The regular media coverage of Bitcoin has multi-fold over the last two weeks. The media popularity is not only limited to this. As per Google search trends, the keyword Bitcoin increased in search volume during November and further advanced as the market is advancing towards parabolic highs. The keyword search volume is just at the fourth-highest level as of 2020 is considered. Thus, it can be said that despite BTC hitting the new record for or the market capitalization, the milestone seems to have failed to draw the attention of the general public and mainstream media.

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