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Bitcoin breaks all-time market cap record and approaches ATH

Bitcoin (BTC) continues to grow and is quickly approaching its all-time high of $69,044 in November 2021. It has seen an increase of almost 200% in one year and 32% in the last 7 days. In recent days, BTC has already broken records, particularly linked to its market capitalization.

Bitcoin Continues to Break Records as It Nears All-Time High (ATH)

Increased Bitcoin Price (BTC) is up almost 200% over the past year and 32% over the past seven days. For the first time since November 2021, BTC is very close to its all-time high of $69,044.

While all eyes are on Bitcoin (or even coins for some). The main event was the Bitcoin record high. This time, the leading cryptocurrency was able to surpass its highest ever market value.

While the previous record was set at the same time as the ATH record price, at around $1.302 trillion, it was broken yesterday at $1.307 trillion and below the BTC record price.

  • For the latest Bitcoin (BTC) price analysis from BeInCrypto,click here>

While this may seem counterintuitive at first given that BTC has not regained its previous ATH in terms of price, this is actually due to the distribution of new Bitcoins since 2021.

Indeed, the market value of a cryptocurrency results from multiplying the number of coins in circulation by its current price. Therefore, even with the price decline, Bitcoin's market cap is growing faster than in the previous cycle due to the issuance of new BTC since then.

The number of Bitcoins in circulation has evolved since its launch

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On the Ethereum side, its current market cap remains around $145 billion from its previous ATH. Which was also achieved at the beginning of November 2021. Unlike Bitcoin, the number of Ether in circulation is constantly decreasing, due to the Merge update, this is called “Ultrasound Money”.

Bitcoin is currently trading at around $68,000, while Ethereum has surpassed $3,629. BTC trading volume reached approximately $62.9 billion over the past 24 hours, representing a 97.60% increase from the previous day and indicating a staggering increase in significant market activity.

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