Bitcoin market cap briefly tops $900 billion

Bitcoin is close to a trillion dollar market cap, as the total value of all Bitcoin surpassed $ 900 billion for the first time today as the price reached new highs.

Bitstamp, one of the oldest Bitcoin exchanges still in operation, recorded its peak price at $ 49,000, resulting in a crossover market capitalization of $ 912.69 billion. Bitcoin is currently priced at $ 47,250 per coin, up 5% in the past 24 hours and 28% in the past seven days.

The market value of $ 900 billion represents an addition of $ 354 billion in 2021 alone. The previous all-time high of Bitcoin’s market value was set on February 8, when its value exceeded $ 888 billion.

Bitcoin currently accounts for 61% of the total market capitalization of all cryptocurrencies, which also reached an all-time high as the majority of digital currencies rose alongside Bitcoin. The market cap of all cryptocurrencies peaked at $ 1.463 trillion today – rising 88.5% in 2021 so far after it started the year at $ 776 billion.

According to CompaniesMarketCap, a website that ranks the world’s most traded assets by market value, Bitcoin is now the ninth largest in the world, overtaking Facebook and Tesla last week. When placed in the list of countries by GDP, Bitcoin $ 900 billion lies between the countries of Mexico ($ 1.04 trillion) and the Netherlands ($ 886 billion).

Bitcoin’s new highs come on the day of the approval of the first Bitcoin ETF in North America, in the same week that the news broke, Tesla bought $ 1.5 billion of BTC, and amid a regulatory climate that has been increasingly friendly to developments regarding cryptocurrencies in fintech.

Earlier this month, the Biden administration created a buzz in the crypto community by appointing some of the cryptocurrency-friendly figures to high-ranking positions, indicating the opportunity for a greater degree of cooperation between regulatory forces and the blockchain-based organization.