Bitcoin hits mind-blowing milestone – soars past $1 trillion market cap

Bitcoin, the pioneering crypto, achieved a significant milestone when its market cap surpassed $1 trillion. This feat marked a historic moment in the evolution of digital currencies, highlighting Bitcoin’s growing influence and adoption in the global financial landscape. 

The journey to this milestone was characterized by remarkable growth, propelled by factors such as increasing institutional interest, heightened retail investor participation, and growing recognition as a store of value. 

Bitcoin makes good on the bull rally

Bitcoin’s circulating supply surpassed $1 trillion in market value subsequent to its price exceeding $51,000. As of this moment, the value of Bitcoin (BTC) stands at $51,199.42, reflecting a 2.7% increase since yesterday and a decrease of 0.7% from an hour ago. 

The present value of BTC is 19.6% greater than its value from seven days ago. The aggregate traded volume of Bitcoin over the preceding twenty-four hours was $42,944,868,077.

The global crypto market cap currently stands at $2.01 trillion, reflecting a change of 2.33% over the last twenty-four hours and 87.05% over the past year. BTC currently holds a market capitalization of $1.01 trillion, signifying a dominance of 50.04%. Stablecoins, meanwhile, have a market cap of $138 billion, or 6.87% of the total crypto market cap.

At the time of writing, BTC’s Fear and Greed Index is 74 – Greed

The impact of increased positive investor sentiment — spurred by a persistent bull market and spot Bitcoin exchange-traded fund (ETF) approvals in the United States, among other things — is being felt throughout the ecosystem.

Previously, Bitcoin reached the $1 trillion market cap milestone in November 2021, after a bull run that propelled BTC to a brief all-time high of $69,000. At the same time, the bull run spread throughout the crypto ecosystem, resulting in a combined market capitalization of $3 trillion in crypto.

The increase in Bitcoin investments at both the individual and institutional levels assisted Bitcoin’s sustained price gain. Bitcoin weathered a surprisingly strong US inflation print, which roiled global markets by diminishing expectations for speedy interest rate cuts.

In contrast, the S&P 500 Index fell 1.4%, its worst CPI-day performance since September 2022, while gold fell and bond yields rose as traders reduced prospects of a Federal Reserve rate drop before July.

Crypto market performance

The crypto market surge is just getting started, according to crypto analysts. The so-called Bitcoin halving, which is expected to take place in April, will reduce the supply of the largest digital asset, a scenario that many see as a price boost based on past history.

Bitcoin has tripled since the beginning of last year, marking a return from the 2022 digital-asset collapse. Wagers in the options market show that traders are looking to break the record of nearly $69,000 set in November 2021.

How are the other coins performing? Ethereum (ETH) is worth $2,748.59 today, up 0.2% from an hour ago and 3.0% from yesterday. The value of ETH today is 16.9% greater than it was seven days ago. In the last 24 hours, the total volume of Ethereum exchanged was $23,116,222,467.

Solana (SOL) is valued at $115.31 today, down 0.2% from an hour ago and up 1.5% from yesterday. The value of SOL now is 21.7% more than it was 7 days ago. In the last 24 hours, the total volume of Solana traded was $2,662,510,623.

Cardano (ADA) is currently at $0.5725, up 0.7% from an hour ago and 3.5% from yesterday. The value of ADA today is 19.5% more than it was seven days ago. Cardano’s total trading volume in the previous 24 hours was $517,802,318.

Dogecoin (DOGE) is currently worth $0.08296, down 0.0% from an hour ago and up 0.8% from yesterday. The value of DOGE today is 5.9% greater than it was 7 days ago. The total volume of Dogecoin exchanged over the last 24 hours was $459,904,925.