Bitcoin’s market cap today hit a new all-time high. Its sky-high market cap, $330 billion, is the result of its booming price, currently about $17,800.
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Bitcoin’s market cap is the sum of all of the coins in circulation and the price of a single Bitcoin.
Bitcoin’s price hit its all-time high, close to $20,000, in 2017. But the record for the all-time high market cap was $328 billion, according to data from Coin Metrics—lower than today. (CoinMarketCap, a rival, puts Bitcoin's all-time high market cap at $335.8 billion).
Bitcoin's market cap today surpassed its 2017 record despite a lower price because more Bitcoin is in circulation today than in 2017.
Bitcoin Market Cap. Image: Coin Metrics
Bitcoin miners mint new Bitcoin all of the time—that’s their reward for processing Bitcoin transactions.
On December 16, 2017, when Bitcoin's market cap hit its last all-time high, per Coin Metrics, there was 16.747 million Bitcoin in circulation. Today, there is 18.545 million Bitcoin in circulation, according to the same chart.
Bitcoin Supply. Image: Coin Metrics
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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