Bitcoin is seeing its market cap loom ever closer to the fabled trillion-dollar mark. Today, the world’s first cryptocurrency saw its market cap rise past the $900 billion mark for a short moment as the asset hit new record highs in price.
Bitstamp Recording $900 Billion Market Cap
Bitstamp stands as one of the oldest crypto exchanges operating still. Recently, this exchange reported a price peak at $49,000, which resulted in Bitcoin holding a market cap of $912.69 billion. As it stands now, however, Bitcoin has seemingly returned to the $47,600 range.
Should Bitcoin gain (and maintain) a market cap of over $900 billion, it means that the asset managed to gain $354 billion in value just within this year, and it isn’t even March yet. Bitcoin’s price action certainly seems to want to achieve this, looming ever closer to that $49,000 price tag.
Bitcoin Outperforms The Netherlands
As it stands now, Bitcoin is responsible for approximately 61% of the entire crypto space’s market cap. These market caps have also reached all-time highs, with all the major altcoins going up alongside Bitcoin. The current market cap now stands at $1.450 trillion at the time of writing. The asset started this year with a market cap of just $776 billion.
CompaniesMarketCap, which isn’t CoinMarketCap, stands as a website ranking the most traded assets in the world, rating them by market cap. As it stands now, Bitcoin is in ninth place, managing to surpass Tesla and Facebook last week. Bitcoin’s market cap can even be compared to countries, as its $900 billion market cap makes it stand between the Netherlands and Mexico ($886 billion and $1.04 trillion, respectively) in terms of GDP.
Let that sink in. Bitcoin is outperforming entire countries.
Potential For BTC Only Growing
These new highs for Bitcoin came on the very same day the first-ever US Bitcoin ETF was approved. This also comes within the same week Tesla opted to buy a whopping $1.5 billion in Bitcoin, as well as a far more crypto-friendly regulatory atmosphere, at least when it comes to crypto-related fintech projects.
Even the US’s Biden Administration, having done some strange things throughout its time in power, had also made the wise move by appointing various individuals in high positions that hold crypto-friendly sentiments. This could be a signal for greater cooperation opportunities between blockchain-based enterprises and regulatory authorities. Or it could just be a coincidence, though that’s unlikely.