Crypto News

Bitcoin Hits $67K, Sets Record Market Cap of $1.3K

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Bitcoin has seen a significant rise, with prices reaching $67,000 ahead of the halving next month.

Bitcoin market capitalization set a new record, reaching $1.32 trillion, surpassing its previous peak in November 2021 of around $1.3 trillion. Since the start of the year, the total market capitalization of Bitcoin has seen an increase of over 135%

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

Bitcoin Hits $67K, Sets Record Market Cap of $1.3K - 1
BTC 24-hour chart from CoinMarketCap

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

The recent rise in the value of Bitcoin is mainly attributed to the approval of spot ETFs in the United States, which have seen considerable inflows.

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