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Supported by a new all-time high (ATH) market price above $81,000, the total market capitalization of Bitcoin crossed $1.6 trillion for the first time since its launch in 2009.
Bitcoin market capitalization hits $1.62 trillion. Source: CoinMarketCap
The number of days holding Bitcoin has been profitable relative to the current price. Source: Blockchain.com
Bitcoin’s current circulating supply — the total number of tokens released to the market — stands at 19.8M BTC. If Bitcoin were at its maximum supply of 21 million BTC, the BTC market capitalization would have recorded a fully diluted value (FDV) of $1.7 trillion.
Some factors contributing to Bitcoin’s sustained growth are rising interest from institutional investors, the pro-crypto stance of United States President-elect Donald Trump and overall positive investor sentiment.
Bitcoin’s recent price surge above $80,000 has led many traders to say that “this is just the beginning” of the anticipated Bitcoin bull market.
On Nov. 10, Bitcoin analyst Tuur Demeester urged Bitcoin investors to hold on to their investments and avoid short-term rash actions, like selling the holdings.
Glassnode lead analyst James Check, aka “Checkmatey” shared a similar sentiment, saying that “the distance” between the price and the 200 Day Moving Average (DMA) is “still cooled off.” As a result, he expects more room for Bitcoin’s price appreciation.