Bitcoin hits $67k, sets record-high $1.3t market cap

Bitcoin has seen a significant increase, with prices hitting $67,000 before the halving next month.

Bitcoin’s market capitalization has set a new record, reaching $1.32 trillion, surpassing its previous peak in November 2021 of approximately $1.3 trillion. Since the beginning of the year, Bitcoin’s total market capitalization has witnessed an increase of more than 135%

The lowest market cap Bitcoin (BTC) has had was around $297.3 billion in November 2022. This calculation comes from the current circulation of 19,644,550 bitcoins, as reported by CoinMarketCap.

24-hour chart of BTC from CoinMarketCap

Market capitalization in the cryptocurrency context is determined by multiplying the total circulating supply by the current price of a single unit. This method means Bitcoin’s market cap can grow faster than its price due to the ongoing mining and addition of new coins.

The recent surge in Bitcoin’s value is primarily attributed to the approval of spot ETFs in the United States, which have experienced considerable inflows.

Read more: USDT soars to record market cap of $100 billion amid crypto market recovery

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