Aug 17, · What's more, the lone bitcoin investment option in the stock market is grossly overvalued. Bitcoin Investment Trust (OTC:GBTC) is an ETF that currently holds about , bitcoin as . Nov 17, · Bitcoin is close to reaching its all-time high value in total market capitalization terms as well. In , when Bitcoin almost touched $20,, the entire supply was million. Since then, its supply has increased to million from continuous mining. Therefore, BTC’s market cap is closer than its per BTC unit price to an all-time high. Nov 17, · According to publicly-available market data, bitcoin’s market capitalization has hit a new all-time high, eclipsing its highest mark ever of $ billion, set on December 16, , per Coin Metrics. Market capitalization is determined by an asset’s individual price, multiplied by its total supply.
Bitcoin market capitalization 2017From $ to $20, The Historic Price of Bitcoin in
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Further Content: You might find this interesting as well. Learn more about how Statista can support your business. December 14, In Statista. Accessed December 25, Statista Inc.. Accessed: December 25, Why the bullishness surrounding a currency that's not backed by any government? For starters, the recent split into two currencies , bitcoin and bitcoin cash, has investors in the original bitcoin excited about its future potential. This upgrade allows for some of the data within bitcoin's blockchain its decentralized digital ledger for recording transactions to be moved out of the main bitcoin network.
Doing so should speed up transaction times and settlements, increase the capacity of the bitcoin network, and help to lower transaction fees.
In other words, it makes bitcoin more appealing to businesses. The minority who opposed SegWit2X were bitcoin miners who were opposed to smaller transaction fees. We've also witnessed discernable weakness in the U. A weaker dollar helps promote foreign exports. Unfortunately, it comes at the cost of devaluing Americans' currency, which investors tend not to like.
Normally when the dollar devalues, investors seek the safety of gold, which is a finite resource and a perceived store of value.
However, since bitcoin has protocol built in that allows for only 21 million coins to be mined, it, too, is perceived as a finite resource and has been a safe-haven source for investors. It's also hard to deny that momentum has played a role. This writer has seen a marked increase in advertisements for investments in bitcoin online, and the allure of the pace at which bitcoin's value is rising has likely drawn in new money.
Investors should also understand that bitcoin isn't a traditional "investment" like we see in the stock market. It can be bought and sold, but only a few exchanges allow users to "short-sell" bitcoin and bet it goes down. This could be influencing its rising price as well. This gives you some idea of just how far this cryptocurrency has come in such a short amount of time. Let's take a look.
News outlets have been particularly diligent in pointing out how bitcoin's value is leaving gold in the dust. But, it's gold that could still mop the floor with bitcoin if we compare the two based on market cap. According to a report from Thompson Reuters GFMS, it was believed that , tons of gold had either been mined or was still in the ground. Since there are 32, ounces per ton, we're talking about 5. That's more than times the market cap of bitcoin at its all-time high!
It's also worth pointing out that numerous reports exist on the world's total gold supply, and some suggest as much as 2. Long story short, bitcoin still has a very long way to go to truly catch gold. According to data compiled by SiblisResearch. In fact, the largest U. Through Friday, Aug. Admittedly, nearly all of this cash is being held in overseas markets, because Apple doesn't want to be taxed for the repatriation of this cash.
Would Apple do such a thing? Not a chance. It's focused on returning cash to its shareholders and reinvesting in new technologies.