The Bitcoin market cap broke $300 billion which is now 90% of the way towards reaching its all-time high but this is not only because of the rising price so let’s read more about it in the latest Bitcoin news.
The Bitcoin market cap broke the $300 billion mark and this is the first time that it topped this level since December 2017. Bitcoin is now 90% of its way towards matching the all-time high market cap value. As the price pushed past $16,000 in the past 24 hours, the market cap broke the $300 billion mark which is the first time to do so since December 19, 2017, two days after it hit $20,000. At the time, BTC’s price hit $20,000 and the market cap reached $333 billion. Now, both figures are closing in on their targets.
According to CoinMarketCap, the market cap is now over $302 billion which means 90% of the way towards matching the all-time high market cap value. Bitcoin’s price is now sitting at $16,290 so just 81% of the way to the all-time high. It makes sense that the market cap is closing in and will break another milestone before the price does. This is because its cap is calculated by multiplying the number of coins and the price since the inflation rate produces about 657,000 BTC per year. therefore, the market cap will continue to rise even if the price remains steady.
The share of the crypto market for BTC was declining in recent months. While Bitcoin’s market dominance was low at 33% in the past, it hovered around the 65% mark in 2019 and 2020. On September 15 however, it hit a low of 57%. Bitcoin’s growing market cap helped to revive the share of the market since it was back up to 64%, claiming two-thirds of the market. looking at the other coins in the top 10, they are split between the ones that hit big two years ago and there are those struggling to return to former highs as well as those that broke new ground this year.
Both ETH and XRP are a long way off from their market cap and the ETH market cap shrunk from $100 billion to $52 billion which is a drop of 48%. XRP’s market cap decreased from $140 billion to $11 billion today which is a 92% decrease. Chainlink and BNB both hit all-time highs recently and haven’t dropped since then. LINK’s market cap hit $6.7 billion and reduced to $5 billion which is a drop of 25%. BNB reached a market cap of $5.5 billion and dropped to $4 billion, marking a decline of 27%.
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