Bitcoin Price Hits All-Time High, generating excitement among cryptocurrency enthusiasts. However, in terms of market value, the token has already achieved a historic milestone.
Based on data from CoinGecko, Bitcoin’s market capitalization has reached $1.35 trillion, surpassing the previous peak of $1.28 trillion in November 2021 during its pandemic-era bull run, when the token reached $68,991.85.
Despite a 1% dip to $66,928 on Tuesday in Singapore (after touching $68,804), Bitcoin’s supply growth has contributed to its enhanced capitalization amid the ongoing rally. Analysts, including David Lawant, the head of research at crypto prime broker FalconX, note that historically, a record market value serves as a reliable indicator of a new phase in the market.
Recent gains are attributed to the demand generated by new US spot Bitcoin exchange-traded funds (ETFs) and the anticipation of a reduction in the token’s supply growth. Notably, ETFs from major players like BlackRock Inc. and Fidelity Investments have attracted over $7 billion in net inflows since their debut on January 11.